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You love to travel now, but can you afford to travel later?

Super | | 2 min read


“Where next?” – The question everyone has asked at least once in their life. It doesn’t matter if your last holiday was backpacking across Europe, or cruising up the Murray River. Everyone loves looking forward to their next adventure.

So why don’t we plan for the longest adventure of our lives – the time when we stop working!?

You’ll still want to do the things you love now when you’re older!

Getting older won’t change the things you love doing. Sure, you might not be able to sky dive without your false teeth falling out, and maybe rock climbing with a newly replaced hip might be a bit tough, but seeing the world never grows old!

So let’s talk about the lifestyle you want when you finish working.

Current estimates from ASFA suggest you and your partner will need approx. $60,000 a year to retire comfortably – and 42,000 if you’re single^. That includes domestic holidays and occasionally international holidays. But what if you want more freedom to travel?

The good news is – you can always top up your super to make sure you’re able to achieve the lifestyle you want. It’s called salary sacrifice, and the effects of compound interest can have a massive difference on the closing account balance of your super account. It’s also a great way to save money on tax, because contributions into your super account are only taxed at 15%, instead of the usual income rate you’d pay from your bank account. See our example:


Example: Meet Morgan

Morgan is 25 years old and earns $60,000 per year. Assuming investment growth of 7.11% per year, see how much extra super she’ll have at age 65 if she starts salary sacrificing $60 per week at different ages.

 Extra contributionsGrowthTotal
$60 a week from age 55$26,520$10,103$36,623
$60 a week from age 45$53,040$51,230$104,270
$60 a week from age 35$79,560$149,663$229,223
$60 a week from age 25$106,080$353,949$460,029


How do you salary sacrifice into your Catholic Super account?

Setting up salary sacrifice is easy! Just let your employer know the additional amount you’d like to contribute (hint: your employer is already contributing 9.5%). We have a nifty calculator available, so you can see the difference salary sacrifice might make to your super balance. 

Joining Catholic Super is even easier!

Read the PDS, and join online in less than four minutes. 

^Source: superannuation.asn.au/resources/retirement-standard

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