From the archives
October 21, 2019
The low down
Did you know that there’s a stack of ways that you can set up your app to make set up exactly how you want it? You can change it any time you like via the settings page of the app.
1.Percent top up
We automatically have the top up percentage set at 1% (so if you spend $100 on your groceries we’ll top up your super with $1 – which is 1%). But if you really want to turbo charge your nest egg, you can dial it all the way up to 5% of your everyday spending.
Choose to top up your super monthly, or if that doesn’t work for you, you can top up into your super account whenever you reach a certain amount of top ups saved (minimum $20).
Spending like crazy but don’t want it all to end up contributing to your super? No problems – you can set a maximum from $20 to $200. SO fir example if you don’t want more than $20 to go into your super each month, no matter how much you’ve spent, you can do that in a few seconds flat in the max top up section. As with all of the settings, you can it whenever you like.
Sit back and relax. Thanks to compound interest, small amounts will add up over time. Even with just $2 worth of top ups a day from age 30 could turn into almost $125k when you retire!*
The best bit? Longevity’s contributions mean you’ll be able to claim a tax deduction at tax time!
* Projections were conducted using the ASIC’s Money Smart compound interest calculator using a contribution of $2 a day over a 35 year period, with an annual return rate of 7.5% (the superannuation guarantees 25 year average return). There is no guarantee that your super fund will achieve the assumed growth rate or that the projected balances will be achieved. The calculations are not intended to be relied upon for making financial product decisions and we advise you to seek a professional financial advisor to consider if Longevity App is appropriate for you.