Building sufficient income and wealth to help you live the life you desire at retirement is important.
For most Australians, superannuation represents their largest single investment after buying their own home. The more you know about your super and the more control you have over it, the greater your chance of living your retirement dreams.
Taking a few simple steps now can help you stay on track to enjoying the retirement lifestyle you want with the money from your super.
Organising your super
Many Australians have more than one super fund, which may mean paying more than one set of fees and having money in lots of different places. One of the first things to do is to look at bringing all your super together. Also there are billions of dollars in lost super. Some of it could be yours, so it is worthwhile looking to see if any of it is yours.
Once you have everything organised, choosing the right investment options can really help your super grow effectively over time.
Growing your super
Once you've brought your super together and chosen suitable investment options, another way to grow your super balance might be to put more money into super. There are different ways to make contributions, whether from your pre-tax salary or your after-tax funds.
If you’re in a relationship, there are ways to grow your super together. These include splitting your super contributions, as well as making extra after-tax contributions from the higher earner, which might reduce the tax you have to pay.
Planning for your retirement
To make sure you are on track to achieving the retirement you desire, it is important to start with a retirement goal and plan to get there. We will ask you a range of questions to ascertain the best advice we can provide. A few important questions to consider are:
- When do you want to retire?
- How much is enough and how will you generate that money?
- Will you be able to live on the age pension?
- How long will your money last before running out?
- What assets will you leave to your children?
- How much money will you have at the time of your retirement?
Contact us for a complimentary discussion about your financial planning needs