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With Financial Awareness Day on August 14th fast approaching, it's the ideal time to take a good hard look at your financial future, particularly when it comes to retirement savings. Recent data shows a surge in Australians seeking advice on boosting savings, making smart investments, and finding the best interest-bearing accounts – a whopping 60% increase in Google searches compared to the entire 2024!

Feeling a little behind? Don't panic! A leading financial expert has shared five practical and powerful money hacks that could add a significant amount – potentially over $85,000 – to your retirement savings. Let's dive in and see how you can supercharge your financial future.

1. Maximise Your Super Contributions

This is the cornerstone of retirement savings in Australia. Are you taking full advantage of salary sacrificing? Contributing additional voluntary payments? Even small, regular contributions can make a huge difference over time, thanks to the power of compounding. Consider speaking with your employer or a financial advisor to see how you can optimise your super contributions within the allowable limits.

2. Explore Low-Fee Investment Options

High fees can erode your investment returns, especially over the long term. Look for lower-cost managed funds or Exchange Traded Funds (ETFs). These options often provide diversified exposure to the market without the hefty fees associated with some traditional investment products. Do your research and compare fee structures before making any decisions.

3. Take Advantage of Government Incentives (Co-contribution & Tax Benefits)

The Australian government offers incentives to encourage superannuation savings. The co-contribution scheme provides a government contribution if you meet certain income and contribution criteria. Furthermore, contributions made before tax can reduce your taxable income. Understanding these benefits can significantly boost your retirement savings.

4. Review Your Insurance Needs

While life insurance and income protection are vital for protecting your financial wellbeing, it’s important to ensure you’re not overinsured. Excessive premiums can eat into your savings. Regularly review your insurance policies to ensure they still meet your needs and are competitively priced.

5. Automate Your Savings

One of the easiest ways to build your savings is to automate the process. Set up automatic transfers from your everyday account to your superannuation fund or investment account. Even a small amount transferred regularly can add up significantly over time. 'Pay yourself first' is a powerful principle for building wealth.

Ready to take control of your retirement savings? Financial Awareness Day is a great reminder to review your finances and make a plan for a secure and comfortable future. Seek advice from a qualified financial advisor to tailor a strategy that suits your individual circumstances. Don't wait – start planning your retirement today!