I received my annual superannuation (retirement fund) statement tonight for the last financial year. I almost fell over when I opened it (for a change, I never seemed to bother with them before).
My Super is now sitting at $124,057.77!
I need to check tomorrow if that's both my funds from working at this company combined or just this last 5 years, but regardless I can't believe how much I've accrued!
Even more exciting is my employer contributions were $6130.80 for the period, and I contributed a whopping $797.74, but the total increase for the year was $31664.44, so a return of $24735.90 or 26.7% on last year.
This is HUGE for me. It's the difference between retiring at 60 instead of 65, and if I start adding personal contributions (my long term goal is to match the 9% company contributions) I'll be set. I've decided to start with adding just 1% (for an even 10% total contribution) when I move to my new role next month, and then gradually build from there.
Yay for compound interest!
Wednesday 3 October 2007
Well Hello Super Fund!
Posted by Debt Dieter Labels: superannuation
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Good to get nice returns isn't it, mine did just over 26% as well. Thats a nice nest egg to have compounding away for the future.
ReplyDeleteI had no idea it was that much, I was thrilled!
ReplyDeleteHi Debt Dieter and regular reader, Louise.
ReplyDeleteCongrats to you both for actually reading your superannuation statements. That puts you among a minority of Australians.
26% return sounds good, but is it really good when the market has been booming? Maybe, maybe not. The key is to compare it to an appropriate benchmark of what you could have gotten elsewhere.
There is an easy and free way to find out, which I wrote about in this newsletter article.
Cheers,
The Financial Futurist