An app that SAVES you money: new super tool with an additional $ 73,000 for your retirement

An app that SAVES you money: new super tool gives you $ 73,000 extra for your pension

  • An app has been developed to help young people regularly fill their super
  • Former researcher at the Gender Equality Office developed the program
  • Longevity app can convert superi contributions of $ 60 per month into a boost of $ 73,000
Advertisements

Australians can increase their superannuation savings by $ 73,000 with one simple app.

Retirement is expensive with the Association of Superannuation Funds of Australia estimating that couples must be tucked away at least $ 60,000 a year to maintain a comfortable lifestyle.

That means they have to save at least $ 900,000 to live to the age of 82, after their retirement at 67.

Australians can increase their superannuation savings by $ 73,000 with one simple app (pictured is a stock image)

Advertisements

Australians can increase their superannuation savings by $ 73,000 with one simple app (pictured is a stock image)

Most people in their thirties have insufficient pension savings, with the financial services group AMP calculating that women in their early thirties usually had $ 33,748 in super compared to $ 43,583 for men of the same age group.

Dr. Carla Harris, a former researcher at the Office for Gender Equality in the Federal Government Workplace, has developed a new tool to help younger people regularly make small contributions to their retirement savings.

With its Longevity app, employees can make real-time payments to their super fund and receive live updates to their balance.

The group calculated that women in their thirties could save an extra $ 73,000 during the next three decades by saving an extra $ 60 per month in their super.

Dr. Carla Harris, a former researcher at the Office for Gender Equality in the Federal Government Workplace, has developed a new tool to help younger people regularly make small contributions to their retirement savings

Dr. Carla Harris, a former researcher at the Office for Gender Equality in the Federal Government Workplace, has developed a new tool to help younger people regularly make small contributions to their retirement savings

Dr. Carla Harris, a former researcher at the Office for Gender Equality in the Federal Government Workplace, has developed a new tool to help younger people regularly make small contributions to their retirement savings

The Longevity App calculated that regular contributions could change a super balance of $ 30,000 for a 30-year-old woman in 30 years to $ 316,693. That is based on monthly contributions, adding up to $ 21,600, which attracts a long-term interest rate of 7.23 percent from $ 265,093.
Advertisements

The Longevity App calculated that regular contributions could change a super balance of $ 30,000 for a 30-year-old woman in 30 years to $ 316,693. That is based on monthly contributions, adding up to $ 21,600, which attracts a long-term interest rate of 7.23 percent from $ 265,093.

The Longevity App calculated that regular contributions could change a super balance of $ 30,000 for a 30-year-old woman in 30 years to $ 316,693. That is based on monthly contributions, adding up to $ 21,600, which attracts a long-term interest rate of 7.23 percent from $ 265,093.

HOW THE APP WORKS

The app, available through the Apple or Google app stores, asks users to create an account.

They can do this by linking to Facebook or providing an email address to get a six-digit verification code.

After an account is set up, users provide the details of their superannuation and bank accounts.

Advertisements

The app makes a minimum of $ 1.99 monthly collection of an everyday transaction account, so that the money immediately goes into superannuation, or an annual payment of at least $ 19.99. Users can set a higher rate.

They can also choose to make a super contribution when they buy regular items, such as a takeaway cappuccino.

The Longevity app offers to make a $ 5 donation to the super accounts of those who sign up before July 27.

This is in addition to the mandatory employer contributions, which will increase from 9.5 percent to 12 percent from July 2025.

The Longevity app calculated that regular contributions could make a $ 30,000 super balance for a 30-year-old woman in 30 years $ 316,693, or $ 73,000 more than they would otherwise have collected.

Advertisements

That is based on monthly $ 60 contributions, adding up to $ 21,600, and during that time attracts longer interest rates of 7.23 percent or $ 265,093.

Dr. Harris said that the reluctance of younger people to contribute to their super was worrying.

& # 39; Only 18 percent of superannuation employees are currently making personal contributions & # 39 ;, she said.

& # 39; This is cause for concern if we disagree with the fact that without additional contributions, the current mandatory level is not enough in itself for many Australians to live their best lives when they retire. & # 39;

Superannuation is a controversial topic in which the think tank of the Grattan Institute and a small group of liberal MPs are lobbying to prevent compulsory super contributions from rising to 12 percent in five years.

With the Longevity app, employees can make real-time payments to their super fund and receive live updates to their balance
Advertisements

With the Longevity app, employees can make real-time payments to their super fund and receive live updates to their balance

With the Longevity app, employees can make real-time payments to their super fund and receive live updates to their balance

. (TagsToTranslate) Dailymail (t) news

- Advertisement -