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Aussies still shunning co-contribution dollars
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| Damian Hill
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A majority of eligible super fund members are failing to take advantage of the Government’s superannuation co-contribution scheme despite being aware that they qualify, a survey of more than 800 REST Superannuation members has shown.
REST chief executive Damian Hill urged members to ensure they aren’t missing out on money to support themselves in retirement.
“It’s alarming to think that such a large number of Australians are missing out on a great government incentive. It’s evident that Australians are fearful that they won’t have enough money in retirement, so why aren’t they taking advantage of this opportunity?” he said.
A voluntary contribution of $1.50 a day over 30 years matched dollar for dollar by the Government could boost a superannuation account by up to $37,000, according to a projection commissioned by REST Superannuation.
“It’s a great way to increase the retirement money pot for low-to-middle income earners. What other investment can offer a dollar back for every dollar you put in? It’s too good to miss,” Hill said.
AUTHOR
Mike Taylor
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