Planning for retirement can be challenging, especially given rising living costs and longer life expectancies. A focused, short-term action plan can help improve your superannuation balance. Here’s a practical 30-day approach to give your retirement fund a boost.

Step 1: Act Now – Consolidate Your Super Accounts

Many Australians have multiple superannuation accounts from different jobs, often leading to additional fees that reduce their balance. Consolidating your super into a single account minimises fees and makes growth easier to track. Start with these steps:

• Review your super: If you’ve worked across different sectors, you may have several accounts. Check for any lost or inactive super.
• Consider moving to a growth-oriented super fund if you’re younger, as this could be more aligned with your financial goals.

Consolidating accounts simplifies tracking and allows more focused growth over the long term.

Step 2: Gain Control Over Your Superannuation

Taking control of your superannuation means tailoring your investments to better suit your financial objectives. Default super options are often too conservative for those seeking long-term growth. Options to consider include:

• Self-Managed Super Fund (SMSF): If your combined assets exceed $250,000, setting up an SMSF may offer more control and reduce fees.
• Retail Super: Retail funds allow more flexibility, letting you choose an asset mix that aligns with your personal financial goals.

Establishing control early enables you to adjust your superannuation strategy as your financial situation and goals change.

Step 3: Choose Higher-Quality Investments

Investing beyond local markets can yield stronger returns, particularly in growth sectors like technology. Many super portfolios are heavily weighted towards Australian equities, but expanding globally can offer substantial returns. For example, the U.S. technology sector has averaged approximately 20% returns over the past 20 years—far higher than the Australian market average.

To diversify and optimise your super, consider:

• Allocating a portion of your super to international funds, especially those focused on high-growth sectors.
• Investing in diversified funds, which spread risk across a range of companies and help offset currency fluctuations.

With technology and global markets driving economic growth, a diversified portfolio could deliver better long-term returns.

Step 4: Maximise Contributions and Take Advantage of Tax Incentives

After consolidating accounts, setting your asset mix, and diversifying, maximising your super contributions is the next step. Current regulations allow Australians to contribute up to $30,000 per member each year, with options to bring forward contributions in certain circumstances.

Maximising contributions accelerates the power of compounding, helping to grow your retirement savings over time. If you’re employed, check for any employer-matching programs or consider making voluntary contributions, which can also have tax benefits.

Act Now for a Better Financial Future

By consolidating super accounts, gaining control of your asset mix, selecting quality investments, and maximising contributions, you set a strong foundation for retirement. Taking these actions today can secure a more comfortable and financially stable future.