Some super tips from our VicSuper Pension members

Good advice is never misplaced. In late 2009, we asked our VicSuper Pension members to tell us their best tip for retirement planning. Here are some of their responses. Their tips may inspire you!

Don’t listen to people, listen to experts. Your friend’s great plan may not be the one for you. -Magdy

Seek professional financial advice early, so that you’ve got time to adopt their advice to your benefit. -Lyn

1. Set yourself a target of how much you wish to retire on and save/invest steadily to achieve that goal.
2. Carry out all major repairs or replacements to fences, hot water systems, car etc 6 to 10 years prior to retirement so that you don’t have these expenses in retirement. -Sheila 

ENJOY your money and be careful of scams. – Giovan

By understanding how superannuation works you put yourself in the best possible position on retirement. -Cyril

The power of compound interest on your savings… -Margaret

Plan early. Understand the facts of retirement which are ‘how much do I need to live on! How long can my savings last then!’-Sydney

Start contributing from when you first get a job. -Marshall

Make a ten year plan, what fills your life today and what do you want to fill it in ten years time. -Janet

Don’t wait until you turn 50 to plan for your retirement. -Francis

Once you’ve got the kids off your hands (if you ever do) start salary sacrificing as much as you can. Bear in mind when you retire you won’t be paying tax (hopefully) and neither will you be paying super. Work out what you realistically want to live on when you do retire and sacrifice the rest. It’s amazing how quickly ours built up when we did this and bingo when we retired we still had the same amount of disposable income. -Elaine

Contribute more than what is compulsory…so that you have a good nest egg. Make additional contributions if you can spare the money. -Sira

When negative returns occur – don’t panic -look to the longer term and ‘keep your head down’ until the better times return. -Helen

Start personal contributions to your super as early as possible whilst still in the workforce. Personal contributions have generous tax concessions and Government incentives. -John