1. Maximise your growth
Age 40 is the right time to reconsider the riskiness of your super investments. You want to find the right balance between preserving what you’ve gained and gaining more. As an example, our MySuper option nudges risk downward for those in their 40s, but not too much, so it’s still well exposed to growth assets to maximise possible gains.
“Whatever you’re invested in, take some time to review how your super is performing. Ask yourself if you’re happy with the level of risk and return? Will you achieve the best super balance you can?,” says smartMonday senior smartCoach Patrick Howard.
What else can turbocharge your superannuation balance? Your contributions. Your 40s is arguably the most important decade to put extra into your super. You’re likely nearing the peak of your career earnings but have plenty of time to benefit from the returns of what goes into super now.
“Remember, you can contribute up to $27,500 at a low tax rate, compared to usual income tax rates. So there’s many advantages, and many ways, to contribute to your super to maximise your gains,” adds Howard.