RESIDENTS in Warracknabeal are sitting on a bigger superannuation balance than their neighbours in surrounding towns, new figures show.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Data released by the Association of Superannuation Funds of Australia has shown the average super balance of key towns in the Wimmera, with the Yarriambiack town coming out on top.
The average super balance for Warracknabeal residents is $186,046, followed by Horsham at $152,717 and Nhill with $140,805.
READ MORE:
Ararat and Stawell followed with $136,940 and $126,362 respectively.
This comes as the inaugural Check Your Super day on June 30 approaches.
Deputy chief executive officer at ASFA Glen McCrea said Australians should check their super balances before the end of the financial year.
Mr McCrea said a rise in the superannuation guarantee was only weeks away, with July 1 delivering a change to help Australians to boost their retirement savings.
"The increase of the Superannuation Guarantee to 10.5 per cent and the removal of the minimum $450 earnings threshold for payment of super will help more people boost their super," he said.
Industry Super Australia chief executive officer Bernie Dean said that if the increased super guarantee improvements progressed on schedule, it should make an enormous difference to young workers.
"Come 1 July the super guarantee will increase to 10.5 per cent on its way to 12 per cent by 2025 as promised by our political leaders," he said.
"These are staged, affordable increases that will make a huge difference to Australians' retirement savings. A 30-year-old on an average income will benefit by about $78,000 from the rate increasing from 10 per cent to 12 per cent."
If you are seeing this message you are a loyal digital subscriber to The Wimmera Mail-Times, as we made this story available only to subscribers. Thank you very much for your support and allowing us to continue telling your stories. We appreciate your support of journalism in our great city.