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Superannuation Advice
Sydney
To discuss your superannuation needs please contact one of our qualified Financial Advisers at Future Wealth Group on Phone 1300 691 861 or peter@futurewealthgroup.com.au.
What is Superannuation
Superannuation, often called super, is a way to save for your retirement. You build up super while you are working to make sure you can have a comfortable retirement.
Super is a tax effective environment for your money; the account is held in your name, and both you and your employer can deposit money into your account. Your money will attract investment earnings, and when you reach your ‘preservation age’, you are able to start drawing on these funds.
Your employer must pay 9.5% of your salary into a super fund. This is called the Super Guarantee and it’s the law. The Super Guarantee will gradually increase to 12% in coming years.
Why Super is Important?
“Many of us will spend more than a quarter of our life retired, as people are now living until an average age of 86 years (if you’re male) and 89 years (if you’re female). Life expectancy is expected to rise to 91 for males and 93 for females by 2050.
So, you might need a lot more money for your retirement than you think. Unless you’re counting on a lotto win or growing your own personal money tree, super can help you enjoy your retired days by allowing you to maintain a good standard of living, which isn’t achievable by receiving just the Age Pension.”
–Association of Superannuation Funds Australia (ASFA)
How Does Super Work?
Superannuation is a retirement savings plan. It accumulates while you’re working, ensuring a comfortable retirement. Contributions, made during your employment years, aim to provide financial security for your later life, highlighting the importance of building a substantial super balance for a worry-free retirement.
What Does Your Employer Does
Under the Super Guarantee law, employers are required to pay 9.5% of your salary into a super fund every quarter. This contribution, aimed at enhancing your retirement savings, is set to gradually increase, reaching 12% in the upcoming years, ensuring a more secure financial future for employees.
What Your Super Fund Does
Once your superannuation fund receives your contributions it invests this money either in a default strategy or one you have chosen yourself. Fees charged by the super funds may include general fees such as administration, member and investment, as well as optional extras including adviser fees and insurance premiums.
How We Can Help You?
The team at Future Wealth Group can help you understand, grow and manage your superannuation.
- Consolidate your super funds and help you save on fees
- Identify investment options tailored to your goals and risk profile
- Review your concessional and non-concessional contributions to super
- Identify strategies to help boost your superannuation
- Enjoy the benefits of salary sacrifice
- Understand your insurance options within superannuation
- Determine if you have the correct beneficiary nominations in place
- Determine whether a self-managed super fund (SMSF) is right for you.
How To Find Your Lost Superannuation?
Superannuation, often called super, is a way to save for your retirement. You build up super while you are working to make sure you can have a comfortable retirement.
Australian Tax Office
Superannuation is a retirement savings plan. It accumulates while you’re working, ensuring a comfortable retirement. Contributions, made during your employment years, aim to provide financial security for your later life, highlighting the importance of building a substantial super balance for a worry-free retirement.
myGov
Under the Super Guarantee law, employers are required to pay 9.5% of your salary into a super fund every quarter. This contribution, aimed at enhancing your retirement savings, is set to gradually increase, reaching 12% in the upcoming years, ensuring a more secure financial future for employees.
Previous Employer
Once your superannuation fund receives your contributions it invests this money either in a default strategy or one you have chosen yourself. Fees charged by the super funds may include general fees such as administration, member and investment, as well as optional extras including adviser fees and insurance premiums.
