SUPERANNUATION has been making headlines lately, as the Government considers changes to the current system.
However, despite the complexity and semi-regular changes, it’s essential to pay attention to your Super.
After all, it’s a significant source of retirement savings for most Aussies, and it’s your money.
But why does Super matter and how can you take control to ensure it works hard for you.
Super is a mandatory long-term retirement savings scheme that can provide financial security and peace of mind in your retirement.
Employers are required to contribute to your Super fund, and you get all the benefits.
Beyond your own home, it’s often the largest investment many of us will have in our life.
Keeping on top of it can make a significant difference to your financial security and wellbeing in retirement.
A smart way to increase your retirement nest egg (and save on tax) is making additional contributions to your Super.
Even small amounts like $50 or $100 a month will have a substantial impact of the growth of your fund.
Learn more about this from your Super fund – give them a call or go online.
TOP BENEFITS OF YOUR SUPER
- Super is forced savings, meaning that we’re automatically saving for our retirement, even if we may not have done so otherwise.
While no one generally likes to be told what to do, this is one of those rare situations where we don’t have a choice and it works in our favour. - Super provides big tax advantages, with contributions made from pre-tax income and earnings on investments taxed at a lower rate than personal income tax.
As an investment environment Super is one of the best ways to invest for our long term financial future due to its generous tax benefits.
These tax breaks are essentially the part that the Government is looking into right now. - Super offers a wide range of investment options, providing greater flexibility and control over your retirement savings.
These days there are a huge range of choices, so be proactive and call your Super fund to talk about which options are right for you. - Super investments generate compound returns, resulting in exponential growth over time. Albert Einstein called compound interest the “eighth wonder of the world”.
He recognised the incredible power of compound interest to turn small investments into substantial sums of money.
