If you’re an Australian resident over 18 and earning more than $450 in a calendar month, you are probably contributing to your superannuation in some way. (If you aren’t, talk to us about starting sooner rather that later!)
Now as we all know, superannuation is a strictly regulated, tax effective way of putting money aside for your retirement.
The government sets a minimum compulsory contribution amount which your employer calculates based on your income and pays into your nominated super fund. You are also encouraged to contribute money to your super in addition to your employer’s payments. And, if you are running your own business, don’t let contributing to your super fund fall in the “one day” pile. It’s an important part of setting up your future.
The super conversation has been around for many years now and you probably have a basic understanding of how the system works: you put money in and leave it there until you retire, right? Sounds simple, but it is more complex than that.
Government policy, our changing lifestyles, and extended life expectancy see the structure of superannuation and its supervisory guidelines being routinely revised. However it’s still a very confusing system to understand and use effectively to support your long-term financial goals.
We are big believers in empowering our clients with the knowledge to make smart, informed decisions when it comes to money. Your super is your money, so like any other financials, we want you to get clear on what your money and super fund choices are doing for YOU.
Take our quick superannuation quiz and find out exactly how much you know about building your retirement fund, and where you might need assistance.
There’s no doubt that the superannuation system in Australia is complex, yet its legislative structure makes it one of the most secure and highly regulated of its type in the world. After completing this quiz, you may find you know more about super than you originally thought, or perhaps you found out a few things you didn’t know.
Either way, superannuation is not a set-and-forget investment; it needs regular management and review as your circumstances change.
Through the different stages of your life, superannuation is going to be there. Even when you’re young, perhaps buying your first home and having a family, the right super fund for you is chugging away in the background. Later in life when the kids have left home and retirement is approaching, depending on how you have managed it, your strategy should have created a solid foundation on which to grow your savings and bring your retirement plan to fruition.
It’s never too early – or late – to dream of a worry-free, financially secure retirement. Speak to your financial adviser today to ensure your super strategy will bring those dreams alive.
The Think Big Financial Group team include SMSF (self managed super fund) Specialists and experienced Financial Planners that can help you plan for retirement, review and refine your superannuation, and ensure you are clear on how your money is working for you. Contact us now to get assistance with your Super.