ENSURING THAT YOU CAN RETIRE WITH CONFIDENCE

Superannuation for Australians

Australia’s superannuation system is one of the largest and most well-resourced retirement savings vehicles in the world. We get it, many Australians can’t keep up to date with the constant changes and don’t necessarily trust that the rules will still be the same when you reach your retirement years, however making small tweaks and changes to your superannuation today can have compounding rewards for you and and your family in your later years.

With employer contributions likely to increase from the current 9.5% per annum going forward, it’s important to ensure that your hard-earned retirement savings are working for you. There are many factors to consider when it comes to your superannuation; whether it be salary sacrificing additional income into your superannuation, contributing to your spouse’s superannuation account or taking advantage of the Government co-contribution allowances.

Australia’s superannuation system has approximately $2.7 trillion worth of assets invested within it.*

*ASFA Super Statistics, 2019

There are many important factors to consider when it comes to reviewing your superannuation. We’ve highlighted some of the more important considerations below for your easy reference:

Consolidate

Where it makes sense, consolidate your superannuation into one account that is aligned with your financial goals and objectives.

Choosing the right fund

With over 200 funds to choose from in Australia, it’s important to consult a qualified Adviser to review your options with you and help you to select the right one.

Insurances

Many personal insurances are often held within superannuation, and many individuals aren't even aware of what they're paying for and why.

Check your insurances

Are you holding insurances within your superannuation fund? If so, be sure to review these with our team to ensure you’re not over-paying for cover that you don’t even need.

Investments

How is your superannuation fund performing? When comparing, be sure that it's apples to apples and you're clear on the asset allocation.

Apples to apples

When it comes to reviewing the performance of your superannuation fund, be sure that the portfolio you’re comparing to has a similar allocation.

Generally speaking, 75% of your regular salary should be your target retirement income and inform your decisions about your target superannuation balance.

There is no such thing as a one-size-fits-all approach to superannuation and retirement planning. While you may be planning to spend half of your year in the south of France, and the other half in Australia, your neighbour may be planning for a completely different retirement lifestyle.

This is why it’s important to sit down with a qualified financial planner to outline your options, clearly define your retirement and superannuation goals and implement the necessary actions to get you there.

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