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5 things you can do to improve your super balance
| A smart superannuation strategy can increase your retirement finances by tens, even hundreds, of thousands of dollars. No matter what your age or gender, you need to make your super work for you – and work hard! For example, did you know – you can get a low-income superannuation boost? |
| Or that you can claim an offset on superannuation contributions you make for a non-working or low-income partner? Or that if you don’t choose what type of fund your superannuation is invested in your money may not be working hard for you? Fortunately, some expert advice today could ensure a comfortable tomorrow. Here are some ways our expertise can help you to boost your balance to shore up your financial future. Find lost super This is better than buying a lottery ticket. Depending on how many employers you have had in the past, you could have money in a variety of old superannuation accounts that you can claim. According to the Australian Tax Office, there is nearly $18 billion in lost and unclaimed super. That’s a lot of hard-earned dollars. Call the office and we can help you find all your superannuation, check your balance and discuss your options. Consolidate your funds Having superannuation in more than one account erodes your profits through multiple fees. Every superannuation fund is required to provide an example of total fees and costs in their Product Disclosure Statement (PDS). Make sure you’re not playing it too safe If you’re risk averse about investing you may think you’re saving money. However, ultimately, being invested in a low risk fund can cost you a substantial amount of money because of the lower returns. You also need to be aware that if you are invested in a lifecycle option (that automatically increases the relative weight of defensive assets such as cash, versus growth assets such as shares as members Disclaimer: This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. © 2020 age), your investment risk is automatically reduced with age. According to the Australian Institute of Superannuation Trustees, lifecycle strategies now hold 40% of MySuper’s total $756 billion asset. Research1 shows that single diversified products outperformed lifecycle products over three years for all ages. However, this is not to be taken lightly and you should always speak to us before taking any action. Boost your balance by salary sacrificing If your marginal tax rate is more than 15%, there are some smart tax reasons to sacrifice some of your salary to your super fund. You can also claim an 18% tax offset on superannuation contributions up to $3,000 that you make on behalf of your non-working or low income-earning spouse. We can help you create a strategy that could put more money in your pocket. Remember, please do not act without proper advice. Receive additional super from the government If you earn $37,000 or less annually, and you or your employer make superannuation contributions, you may be eligible for a tax refund on those contributions or a low-income super tax offset where money is automatically deposited in your super account after you lodge your tax return. Your super is a vital part of your financial plan. Don’t let it become a set-and-forget afterthought… talk to us to ensure you are maximising your super. We have the skills and knowledge to work with you to strategise the best solution for your personal situation. Sources 1. Superannuation Performance, March 2019, Rainmaker Group |