Sun, sand, surf, superannuation
We are living longer, government and living costs are increasing, and if the past is any gauge, there’ll be unknown changes to aged pensions. Will your money last retirement? One of our qualified wealth investment officers may be able to provide some ‘general’ support, or feel free to research here.
Read about the ASFA Retirement Standard
Estimate your retirement outcome with the Money Smart retirement planner calculator
Make extra contributions to your super.
Your super fund is one of the best options for financial security later in life, and more contributions you make earlier, the better. By making voluntary contributions over time, you can ensure you retire with enough to live comfortably, plus reduce the amount of tax you pay along the way.
This can be done in a few ways. First, you can make a personal contribution from the income you’ve already paid tax on. But another way to go about it is salary sacrificing. That will involve talking with your employer and arranging for some of your pre-tax income to be deposited straight into your super fund.
If you do make a contribution into super out of your own pocket, talk to your accountant or tax agent to see if you can claim a tax deduction.
Defence Bank has a Retirement Saving Account option.
If you've still got questions, book an appointment to talk to a Defence Bank RSA expert.
Create a budget.
Budgeting is just as important. That’s because tracking your expenses can help open your eyes to all the unnecessary purchases you might be making day to day. Putting something aside, or just paying yourself is often forgotten.
You can do this through the spend tracker in our banking app or with our handy budgeting calculator.
Automate your savings.
If you are really struggling trying to put together a budget, there is one way to get around the problem: automate your savings plan. That involves setting up an auto-transfer of funds, timed to take place each time you get paid, acting as a forced savings plan.
If you’re the type of person who can’t help but dip into your savings, it might help to have a buffer in place. Try setting up a term deposit or savings account with us, and have the portion of your pay you intend to save deposited there. That way it’s not as readily accessible whenever you’re tempted. We can help you stagger the deposit dates to ensure funds will always be available to add to your savings.
Buy a home or investments.
Building your asset base can come in many forms, one being an investment property.
From a unit to a house or even a holiday rental, you can take your deposit or equity in your own home and increase your asset base by purchasing an investment property with one of our investment loans.
Frequently asked questions.
- You can roll other super accounts into your Defence Bank RSA in one of the following ways:
- Log in to myGov, link your super services and request a rollover online
Complete a RSA Transfer Authority form form and send it to us via Secure mail or post - Request a rollover through your existing super fund
(This option is required if rolling over from an SMSF. Your accountant can assist.)
Personal contributions
Complete a Personal Contribution form.
Transfer your contribution using the details provided on the form
Email the completed form to RSA@defencebank.com.au at the same time as payment
Include your RSA holder number as the payment reference
Spouse contributions
Complete a Spouse Contribution form.
Transfer the contribution using the details provided on the form
Email the completed form to RSA@defencebank.com.au
Include your RSA holder number as the payment reference
This helps us correctly identify your contribution and apply it as instructed.
Once we request your funds, the transferring fund needs to complete the payment transfer.
In some cases, the funds are first received into a temporary holding account while the transferring fund confirms how they should be allocated.
After this confirmation, we move the funds into your Retirement Savings Account (RSA) as soon as possible.
The effective date applied to your account will reflect the date we received the funds, either into an initial holding account or your RSA.
This helps us correctly identify your contribution and apply it as instructed.