By Dan Walsh
Boosting your retirement nest egg with salary sacrifice
The Superannuation Guarantee was introduced in 1992 in a bid to improve retirement incomes for Australians and to reduce the reliance upon Government benefits later in life.
According to the ABS superannuation coverage rates increased over the 10year period of 2003–04 to 2013-14 from 64% of people aged 15 years and over to 71% of people holding Super accounts.
The same period shows the average value of superannuation accounts increased by 61% in real terms but still only increased from $68,000 to $110,000.
The proportion of 55 to 64 year olds with at least $200,000 in superannuation savings was only 27%.
Sadly, this figure is way too low to maintain a reasonable lifestyle tomorrow.
Here is a very simple way to boost your retirement nest egg.