STARTING EARLY CAN SAVE THOUSANDS OF DOLLARS

The following summary is from an article published in Club Life magazine, October 2009.

One of the best decisions you may be able to take with superannuation is to start saving a little each pay early in your working life, rather than deferring for many years in the belief that you’ll “catch up later.” Years passed up now simply can’t be made up for later, except with significantly increased saving effort. Let’s look at a very simple scenario involving voluntary contributions to super (i.e. in addition to the 9% superannuation guarantee paid by your employer), which you could arrange for your employer to take out of your pay and direct to your Club Plus account. (To keep this simple, ignore for the time being the impact of different investment returns each year, taxation treatment, and different investment options etc.)

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