Will you have to count every penny when you retire?

A whopping 36% of pensioners in Australia live below the poverty line – will you be one of them?

The average account balance for members in the PICA Superannuation Plan with MLC is $37,813 and the average age of a member is 39.  According to ASICs MoneySmart Website, this will leave the average PICA employee with $216,020 when they retire at age 67. That would lead to an income of $32,233 per annum in retirement, which includes $23,958 pa in age pension payments!

To see how you compare to the average, check out MoneySmart’s Retirement Planner Calculator.

Get on track for a better retirement

There are lots of things you can do to give your super balance a boost. One of the most popular methods is salary sacrifice. It can reduce your taxable income and help build your retirement nest egg at the same time.  But first you need to work out how much you need and whether you’re on track to achieving it.

Small steps today, big results tomorrow

Take action! Read about how to build your super balance here and discover some of the different ways you can add money to your super. If you choose salary sacrifice, speak to your HR or Payroll team about how to set it up.

Take Note

There is a limit on how much money you can add to your super each year. To find out more on contribution limits speak to a financial planner, call MLC or visit ato.gov.au.

MLC are here to help

If you have any questions, please call MLC on 132 652, between 8.00am and 6.00pm AEST, Monday to Friday.