Superannuation
Superannuation is a tax effective way to save for your retirement.
Before the introduction of compulsory superannuation in 1992, income in retirement was generally reliant on personal savings and investments with a means-tested Government age pension system as a safety net.
With demographics shifting toward an aging population, reductions in personal saving rates and a trend toward increasing household debt, the anticipated increase in age pension payments would potentially place an unaffordable strain on the Australian economy.
Under a set of reforms aimed at addressing Australia’s retirement income policies, the compulsory Superannuation Guarantee (SG) was introduced into industrial awards to create a pool of savings designed specifically to provide income when you retire.
What are the types of superannuation funds?
- MySuper
- Industry Super Funds
- Retail Super Funds
- Corporate Funds
- Public Sector Funds
- Self-Managed Super Funds (SMSFs)
When can I access my super?
- After you reach your preservation age.
- In times of financial hardship.
- On compassionate grounds.
- If you’re a temporary resident permanently leaving the country.
- If you are terminally ill or permanently incapacitated.
How are contributions made to superannuation?
- Employer Contributions
- Salary Sacrifice Contributions
- Personal Contributions
How much will I need in retirement?
- The Australian population is living much longer these days. It is essential that you set goals early and have a clear plan to help you achieve them. Having a plan in place will help determine if you are on track to reach your desired goals and make adjustments if you’re not.
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