Statistically, a large percentage of Australians will not have enough superannuation at retirement age and may have to rely increasingly on Government pensions and subsidies to make ends meet.
There are a range of measures available to people seeking to increase the amount of superannuation they will have when they retire – remember that specialist advice is always strongly recommended when making any investment decision. For example, you may want to;
Increase your personal contributions into your superannuation funds
Use superannuation as a savings vehicle and gain a tax-effective way to increase your savings.
Make contribution’s into your spouse’s superannuation which can increase your spouse’s retirement savings and may help you reduce your tax
Get tailored investment advice to seek higher returns
Change the structure of your superannuation to invest in alternative streams
Splitting superannuation contributions to your spouse increases your combined retirement
Salary sacrificing your employment income into superannuation to increase your retirement savings and reduce the amount of income tax you pay.
Consolidate your superannuation accounts into one fund to simplify your finances and increase your overall return from investments.
There are many more options available to most people seeking to get the most out of their superannuation.
For most people, there is no such thing as too early or too late to be thinking about Superannuation Planning. The right advice, at any stage of your life, could make all the difference when you come to retire.
The cost of Superannuation advice will vary from person to person and depends on the structure and complexity of each individual situation. In most cases, the cost for Superannuation Planning is able to be funded from your Superannuation fund, enabling Australians to get specialist expert advice without having to pay the cost out of pocket.