People living in the South West are being encouraged to check their superannuation balances, with average super balances in some parts of the region tracking well below the national average.
The Association of Superannuation Funds of Australia (ASFA) released figures this week showing residents in the Forrest electorate held an average super account balance of $137,456 - which tracks over the WA average of $137,152, but under the national average of $147,425.
The analysis of data collated from Australia's superannuation funds also revealed the postcodes with the highest and lowest postcode balances within the electorate.
The top five areas with the highest average super balances were Yallingup ($264,753), Dunsborough ($182,020), Augusta ($169,393), Balingup ($147,659) and Busselton ($140,218).
At the other end of the scale, Bunbury ($133,793), Donnybrook ($130,820), Picton ($120,494), Capel ($109,901) all fell under the WA average, with Margaret River in last place with an average super balance of $107,019.
Glen McCrea, Deputy CEO and Chief Policy Officer at ASFA encouraged Australians to check their super balance before the end of the financial year.
"Superannuation is a great long-term financial instrument to help Australians enjoy a comfortable and dignified retirement," said Mr McCrea.
"To get a sense of how they are individually tracking towards their goals, we encourage people in the South West of WA to check their super using a retirement tool such as our SuperGuru Retirement Tracker."
From July 1, several changes coming into effect relating to superannuation which will help Australians to boost their retirement savings.
"The increase of the Superannuation Guarantee to 10.5 percent, the removal of the minimum $450 earnings threshold for payment of super, and changes in the downsizer contribution policy which allows more people to use the proceeds from selling the family home, will all assist more people to boost their super," said Mr McCrea.
In the lead-up to Check Your Super Day, ASFA has compiled its top three tips for Australians to give their super an extra boost and ensure it is aligned with their goals:
- Check your super balance by contacting your fund or visiting MyGov
- Consolidate multiple superannuation accounts
- Check the asset allocation to ensure this aligns with your risk appetite
"These steps can change the trajectory of how a super balance is tracking and make the difference between living in retirement modestly or comfortably," said Mr McCrea.