With nearly 20 per cent of Australian truck drivers reaching retirement age in 2016, industry funds are now voicing concerns about a lack of superannuation knowledge.
“Now is the time for these drivers to seriously consider their retirement plans, but superannuation is not usually a regular truck stop talking point, more a talk stopper,” said Di Caldwell-Smith of the Transport Industry Superannuation Fund – adding that education is key to avoiding a rude awakening come 2016.
According to Caldwell-Smith, by talking to transport owners and drivers her company has found that it’s possible to change attitudes to superannuation get people in the transport industry involved “before they need retirement and see how little super they may have.”
She said one important step to take was to consolidate multiple super accounts into one. “As a truck driver you’ve probably had more than one job, so it’s likely you have more than one super account. Consolidating could make a real difference to your end balance, plus lower your fees and be easier to manage,” she explained.
“You can also add a bit more by increasing your pre-tax contributions above the super guarantee of 9.5 per cent, or you can make extra contributions from your own savings at any time. Every little extra saved will help to improve your super.”
According to Caldwell-Smith, relying on Age Pension as the only retirement income was risky. “Use the ASIC MoneySmart retirement planner calculator to help you understand the amount of Super and Age pension you’re likely to have at retirement. The calculator can even help with advice on actions to take to increase your super.”