subject: Tips For Maximising Your Superannuation For Retirement [print this page] A beginner"s guide from the team at Robins Accountants.
To retire comfortably and live the lifestyle you desire and deserve, you need to start thinking critically about your superannuation and ways to maximise its potential. Obviously, the more money you earn the better, but it"s not all just about the size of your wage. It"s also about making the most of your money and manipulating the things you can control, so they work to your advantage.
Below you"ll find some effective ways to make the most of your money for retirement and general superannuation advice. However, please remember that everybody"s situation is different, and that these are just ideas "" for more comprehensive advice, you should seek professional assistance.
Increase your voluntary contributions
Australian law requires that all employers contribute at least 9% superannuation to their worker"s accounts. However, there is nothing stopping you from willingly contributing more of your wage or money to your superannuation "" in fact, it is highly recommended that you do! The more money that goes in, the more you"ll have to retire on. A mere $20 more a week could make all the difference in your golden years.
Take advantage of Government co-contribution incentives
If the above argument isn"t enough to persuade you to start taking control of your retirement today, then maybe this will "" did you know that you may eligible for the Government co-contribution scheme? This is where they match the amount you willingly contribute into your superannuation. For example, if you freely contribute $1,000, they would increase it to $2,000. To find out more about this, simply visit the ATO website or talk to an accountant.
Combine all your superannuation accounts
Think back to every job you"ve ever had. Now ask yourself if you"ve retained the same super fund every single time. The answer is most likely no, but don"t worry, that"s very common. It"s usually in your best interests to hunt down all your old and possibly lost accounts, and combine them into one. This will minimise the amount you pay in fees (why pay for three different sets if you can pay for just one?) and will ensure nothing gets lost along the way.
Ensure you"re in an advantageous Super Fund
Every super fund is different, offering different benefits and incentives. You need to find one that meets all your needs, including fee amounts, insurance inclusions, etc, and ensure it"s as profitable as possible for your particular situation. A professional accountant or financial planner will be able to help you compare all your options, and ensure you choose the best fund.
Decide if a Self Managed Super Fund (SMSF) is an option
While this is simply not a viable option for everyone, if you have enough money and time to organise and control your own fund, a SMSF could be ideal. You really should speak to a professional in detail about the possibility, but just to give you a rundown "" a SMSF is a fund you set up and control yourself. You decide exactly where your money is invested, giving you greater flexibility and power.
Of course these are just some of the ways you can boost your superannuation and start planning for retirement. If you"d like more in-depth superannuation advice tailored to your situation, simply call Robins Accountants on (07) 3822 5566 today.
