I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

How to Make Superannuation Work for You

So what is so important about superannuation?

There is an increasing aging population in Australia which means that not everybody may be able to rely in their savings entirely.

This means that in some stage you will have to rely in self-funding for retirement. Superannuation has concessional tax treatments and as such, allows you accumulate funds to assist you, if you do not want to rely on settling.

How much do you need to retire on?
The first question that people should ask is how much you are presently spending on for your daily needs? Then add that up to any changes that you may experience after you retire. For example people may want to have a car after three to four years, and that will have something to do with mortgage and other changes.

So once you figure out how much it is on a permanent basis, you can then calculate how much you need as a milestone income better. Then you can determine what assets you need in order to achieve that goal of having a good retirement.

When Can You Access Your Super?
If all things go according to plan, once you reach the age of fifty-five onwards, your super funds can start having conditional releases of your superannuation. Things like transition-to-retirement pension. Often you’d start to do that if the income stream coming out of superannuation allows you to put more money back and get it.

So what option is best for you?
You need to weigh up the different options involved in what the different funds offer. You need to ask what fees and charges and involved in the administration and your investment management. You also need to look at other linked insurance systems fund and their importance to you. Then you also need to look at the investment mix they allow to invest you in.

If somebody’s got goals and aspirations of retiring at a 150,000 – 160,000 dollars, you need something in that fund that allows you to accelerate your investment earnings. Otherwise you might not meet that goal.

If you have any questions about superannuation, and would like to schedule an obligation of appointment, please feel free to call us at 1300 252 167.

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