Superannuation – It’s Your Money

Sadly, most people I meet don’t really have an understanding or, an appreciation of the importance of their superannuation. I guess I can’t blame them, because the rules are quite confusing and, you don’t need to access your super until you’re retired; which, for the ‘youngies’, can be decades away.

Conversely, most people have a far greater awareness of their mortgage –  their repayments, how much they pay in interest, how long it has to run, etc. Perhaps it’s because their home loan is far more tangible and, the perception is ‘I feel I have greater control over it’.

Let’s get back to your super.

Firstly, it’s your hard-earned money. Understand it and, look after it. It will be with you all of your life. And, one day, it will fund your retirement. The sooner you embrace your super, the greater the opportunity it will have to grow.  It’s not as hard as you think.

Need help reviewing your Super?

At Lifelong Financial Solutions, we can help review your superannuation.

Risk and return

  • Do you know what you are investing in?
  • We check your asset allocation (the pie chart) to ensure that it matches your risk tolerance. This is extremely important because it can have a marked difference in the return on your money over your working life.

Value

  • Do you know what fees you are paying and, to whom?
  • Is your Fund competitive?
  • We check and explain the fees you are paying

Protection

  • Do you have insurance in your Superannuation and will this be enough to protect your income and your dependants?
  • Perhaps you are paying for insurance cover unnecessarily across multiple policies both inside and outside of your super.

Estate planning

  • What happens to my super if I die?
  • We ensure you have the correct nominations in place to protect your loved ones.

Is there anything else you should consider?

    • What contribution strategies are available to grow your super?
    • Should you salary sacrifice?
    • Can you save tax using your super?
    • Can you or your spouse benefit from a spouse contribution or, Government co-contribution?
    • Can you benefit from a transition to retirement strategy?
    • Do you have cash accounts outside of super that are better invested in super?
    • If you are young, time and the power of compounding returns are your greatest friend.
    • The rules around super keep changing. We’ll explain the rules that are relevant to you.
    • How does Centrelink treat your Superannuation?
    • Can you increase your Centrelink entitlement using Superannuation?
    • Have you thought about how much super you will need in retirement?
    • If you have multiple super funds (from numerous jobs), we can show you how to consolidate them. Do you have lost super?

 

Reviewing your superannuation is a great starting point. Understanding your options to boost your super can mean the difference between a modest retirement and, a GREAT retirement.

Just like your mortgage, with a bit of help, you can control your super.

 

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