REST Superannuation has found that the majority of members are missing out on retirement benefits despite knowing they are eligible to receive them, according to a recent survey.
The survey, taken of over 800 REST Superannuation members, found that the majority of members are failing to take advantage of the government’s super co-contribution scheme. This scheme sees the government match dollar-for-dollar all voluntary contributions to superannuation funds.
Members need to do more to ensure they are not missing out on a secure financial future, says REST Chief Executive Officer, Damian Hill.
“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?”
REST Superannuation estimates that making a voluntary contribution of as little as $1.50 a day over 30 years, and matched dollar-for-dollar by the government, could boost the super saving of low-to-middle income earners by up to $37,000.
“It’s a great way to increase the retirement money pot for low-to-middle income earners. With the government matching your contribution dollar for dollar for those who qualify. What other investment can offer a dollar back for every dollar you put in? It’s too good to miss,” says Mr. Hill.
The 2006 Census figures from the Australian Bureau of Statistics reveals that more than 12 million working Australians are eligible to take advantage of the government’s superannuation co-contribution scheme.