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The contribution choices you make ultimately affect the size of your final benefit, so explore what a change to your contribution rate means for you.
How much should I contribute?
Because everyone’s circumstances, goals and retirement plans are different, there is no set answer. You can change your contribution rate at any time, but before you do you should consider:
- how long you’ve been a member of the PSS
- how much you’ve contributed previously
- how long you think you’ll be a member of the PSS
- when you want to retire
- the possible tax implications of exceeding your non-concessional contributions cap
- your estimated final PSS benefit, given your current contribution rate; and
- how much money you’ll want or need for your life after work.
Tools to help you explore:
- Work through the Exploring checklist to make sure you cover the basics.
- Look though the PSS Explore booklet that was mailed to you
- See the PSS Book and PSS Product Disclosure Statement to see how your fund works.
- Use the i-Estimator to see what your PSS benefit is likely to be.
- Have a look at the ASFA Retirement Living Standard to see what you may need to lead a comfortable lifestyle in retirement.
If you’re not sure what to do about your expanded options, get professional advice from a licensed financial adviser.