When to start retirement planning

When should you start? Anytime! It’s never too early or too late. The key to retirement readiness is simple: be proactive. This doesn't change based on your age. Super is a long term investment – but it is not something you should put off. No matter your age, or how close to retirement you are, there are always choices to make that can support your retirement wants and needs.

Retirement planning for all ages

In your 20’s? -

Time is on your side

Starting early makes a big difference. The longer you save, the more you benefit from compound interest and returns. By the time you retire, 50% or more of your balance comes from the earnings you generate. Even small contributions made in your 20s can grow into substantial sums by retirement age.

Make it easy. Small, consistent contributions are easier to manage than scrambling to save larger sums later. Taking action sooner could also pave the way for early retirement, without financial stress.

Control the uncertainty. We don’t know what the future holds. Being proactive can help protect you from some of the unknowns like inflation, changes to government funded benefits/pensions or increasing healthcare costs.

Financial Independence. You won’t be reliant on government support. Financial security in your later years can be created, in part, by considering your super earlier.

KEY ACTIONS

Set up good habits early - logging in twice a year is a good idea (set a diary reminder)

Make sure all your contact information is up to date with the fund

Check for multiple accounts (which could be wasting money in duplicate fees)