Superannuation is a way of putting money aside now so you can live comfortably when you are retired.
To grow your super beyond the dollar value of the actual contributions, you need to invest. You can choose a super fund to invest the money on your behalf or manage the investments yourself.
When can I access my super?
Your super can be accessed when you reach preservation age, which is either 55 or 60 depending on your current age. At preservation age you can access your super as long as you are permanently retired, or if you are still working but have reached age 65.
Faced with an expanding aged population, the Australian government wants people to rely less on the pension. So it has been made compulsory in Australia for employers to make super contributions on your behalf. You can also top up with you own contributions, and if you are self-employed, then the amount of money that goes into your superannuation is entirely up to you.
How much super will I need?
The average Australian lives well into their 80s and couples require at least $56,000 per year (after tax) to live on. Ask yourself: do you have a super plan that adequately provides for the future lifestyle you desire?
Click here for the Lantern Advisory blog "How Much Money Will I Need to Live On in Retirement?".
When considering superannuation, financial advisers typically look at:
- Salary packaging
- Cash flow and contributions planning
- Earnings from investment
- Investment risk management
- Tax effective strategies
- Self-managed super funds (SMSF)
Want a better super solution?
You can improve your retirement situation by engaging a financial adviser. By putting yourself in the hands of an expert, you can spend more time building wealth and less time worrying about the complex details of investments, superannuation and other financial matters.
Good financial advisors will also take a genuine interest in your goals and aspirations. They can be an excellent sounding board to help you work out what you really want in life, both now and in the future.
Want more information on how your can increase your wealth, protect your assets and build a strong financial plan for the future?
Instantly download the FREE Lantern Advisory Ebook "Introduction to Financial Planning and Market Update" by clicking the image below. We provide you with information on what should be in your financial plan, how to set one up, the benefits, pitfalls to avoid and some market opportunities.
You are also welcome to contact Ian Walker or James Cavanough from Lantern Advisory on 07 3002 2690 for a free and confidential discussion regarding your personal situation.
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