Superannuation is more than just money that you are forced to save and not have access to until you finally retire. In essence, it is a tax-effective savings plan that can go a long way to providing you with the freedom and life that you want when you finally leave paid employment.
For many people, superannuation is their largest asset, outside of the family home. Compulsory super has been around for many of us, for as long as we have been in the workforce.
The type of super fund you hold, and how you are invested all depends on how much risk you are prepared to take, how far away retirement is, and what amount of income you believe can provide you with what you believe to be a “comfortable” life.
- A “set and forget” approach to super could mean that you are significantly disadvantaged at retirement. Seeking the right advice as to how and where you should have invested to maximise your returns in the long-term can make a world of difference at retirement.
- Holding multiple funds can make superannuation expensive. It is important to consolidate your superannuation into the most appropriate fund for you (taking into consideration any insurance benefits that you might have within each fund).
- Even at 20 to 30 years out from retirement, it is important to understand how much you will need to contribute to superannuation in order to provide for what will potentially be a lengthy retirement. For young people entering the workforce today, they may have only 30 – 40 years to save for what might be over 20 – 30 years of retirement living!
- It is never too late! Even if you are looking to retire in 0 – 5 years a strategic advice plan for your superannuation could provide you with an incredible uplift in income once you enter your retirement years.
What type of superannuation account and structure you hold is dependent on a range of factors which include:
- How much you have in your super account.
- How much control and transparency you would like over your fund.
- How much you are prepared in pay for in fees.
- How you would like your super funds invested.
You really need an expert adviser to consider these factors, plus other personal circumstances in order to guide you in the right direction in terms of the type of fund you should hold, and how these funds should be invested.
At SWP we specialise in a range of superannuation and investment solutions and this is at the core of the value and service that we provide to our clients..
Interested in finding out how Strategic Wealth Partners can provide additional advantage and whether a Self-Managed Super fund is right for you? Click here.