RESIDENTS in Castlemaine are sitting on bigger superannuation balances than any of their neighbours in surrounding suburbs, new figures have shown.
A data release from the Association of Superannuation Funds of Australia has shown the top five suburbs with the greatest retirement savings in the Bendigo region, with the foodie town leading the race.
The average super balance for Castlemaine residents is $190,037, followed by Harcourt on $175,176 and Elphinstone with $174,914. The final two rounding out the top five were Kyneton on $171,030 and Bendigo with an average of $156,611 squirreled away.
Deputy chief executive officer at ASFA Glen McCrea said Australians should check their super balances before the end of the financial year.
The Bendigo suburbs with the lowest superannuation balances were Heathcote with $123,120 on average, Raywood has $118,300, Marong on $115,326, Golden Square with $110,585 and Eaglehawk had the least with $92,594.
Mr McCrea said a rise in the superannuation guarantee was only weeks away, with July 1 delivering a change to help Australians to boost their retirement savings.
"The increase of the Superannuation Guarantee to 10.5 per cent and the removal of the minimum $450 earnings threshold for payment of super will help more people boost their super," he said.
Industry Super Australia chief executive officer Bernie Dean said that if the increased super guarantee improvements progressed on schedule, it should make an enormous difference to young workers.
"Come 1 July the super guarantee will increase to 10.5 per cent on its way to 12 per cent by 2025 as promised by our political leaders," he said.
"These are staged, affordable increases that will make a huge difference to Australians' retirement savings. A 30-year-old on an average income will benefit by about $78,000 from the rate increasing from 10 per cent to 12 per cent."
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