MLC has identified ten superannuation strategies people can implement to take better control of their retirement savings.
"[It] should be on everyone's list of New Year's resolutions for 2013," MLC technical services' head, Gemma Dale, said. "It's never too early to start planning for how you'll fund your lifestyle when you retire."
Dale noted that singles need an estimated $430,000 and couples need around $510,000 when they stop work in order to live comfortably. But the average retirement savings gap for Australians is estimated to be around $80,000.
Some strategies, such as consolidating super accounts and ensuring you have the right asset allocation strategy, can be executed by everyone, while others, such as growing super without reducing income, are better for people who are nearing retirement and still working.
Other strategies include setting up salary sacrifice superannuation contributions, diverting cash flow from home loans into super, investing non-super money in super, topping up with help from the government, offsetting capital gains tax, purchasing insurance effectively and converting business capital into tax-free retirement benefits.
"If you combine these strategies with good financial advice, you'll supercharge your retirement savings even more," Dale said.
"You'll save on fees, paperwork is reduced and it makes managing your money easier. Often it's also the first step people take towards engaging with their retirement," she added.
