James Coyle

James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
Five ways to boost your superannuation

Five ways to boost your superannuation

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Many Australians, women in particular, enter retirement with relatively small superannuation balances. So when we write about super, and some of the great benefits of having money in super, we often get questions about how to boost your super. Take this comment a few weeks ago from Janice.  

“It’s all very well for you to spruik the benefits of super but how do I boost my super. My husband has passed away and I have been forced to go back to work to boost my retirement savings. My job pays me well so I can save a bit.  I am hoping to retire in 4 years when I turn 67.  I have about $100,000 in super and own my house thanks to my husband’s life insurance.  I’d like to travel and have some fun but I don’t think my super and the Age Pension will be enough. I was told you really need $1m in super to fund a really good retirement.”

Well don’t believe that myth about needing $1m. We also write about that this week. But there are a few ways to boost your super quickly if you are in the right circumstances.  Let’s take a look at five of them. One or more of these could help Janice.

Your 20 March 2024 Age Pension increase

Your 20 March 2024 Age Pension increase

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The twice-yearly Age Pension increase is due to land on 20 March. We reported in mid February our predictions for singles and couples, and we’re pleased to say our predictions were correct within a few cents. The table below shows the increases, as confirmed by the Federal Government, including supplements for singles and couples. 

The Federal Government have confirmed the new payment rates from 20 March 2023 for recipients of the Age Pension, Disability Support Pension, and Carer Payments. Singles can expect a total increase of $19.60 a fortnight and couples can expect a (combined) total increase of $29.40 a fortnight.

Age Pension increases on 20 March 2024

Age Pension increases on 20 March 2024

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It’s that time of year again when we receive clearer signals about the magnitude of Age Pension indexation scheduled for 20 March.

The good news is that, even though the Consumer Price Index (CPI) has eased off somewhat, there will still be an increase in the Age Pension base rate and main supplement. This will be based upon a CPI increase of 1.8% which was higher than the increase in the Pensioner and Beneficiaries Living Cost Index (PBLCI) which was confirmed recently to have risen by 1.5% over the past six months.

The what, you might ask? Here’s a quick recap on how Services Australia uses different economic indicators to measure price and wage increases and then apply this movement to keep Age Pensioners ‘in touch’ with the working population. This indexation takes place twice a year, on 20 March and 20 September.