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 Much Insurance Do You Need?

You need to ask the following questions:
• What is your current income level – what proportion of this will be required to keep the family going?
• Who relies on your income – spouse, children, etc.
• Regular expenses – education, rent, transport, groceries.
• Assets – house, savings, shares, super. What if any of these will be able to/want to access in hard times?
• Debts – how much money do you owe: Mortgage, Car, Credit cards, other.
• Assistance – is any income/assistance available from family – how much/do you want to rely on this?

If something happens to you, what is it that you would like to proceed? And then how is then required to fund that?

Income in Retirement

Selecting the industry superannuation fund that is appropriate for you is important to make sure you can live happily after your retirement.

Planning For Retirement

Once you withdraw from work, the cash you need in order to meet the living costs and sustain your lifestyle will likely come from 3 main sources:
• your investments and personal savings acquired in your working life,
• your accumulated super, and
• the means-tested Age Pension.

Numerous Australians reaching the retirement age do not have sufficient private savings so as to support themselves during retirement. The means-tested Age Pension is a welfare safety-net helping offer income support and assistance to older individuals as soon as they reach the retirement age.

The maximum Age Pension offers only around 40% of the salary typically necessary for a happy lifestyle. Your accumulated superannuation is meant to add on the income you acquired from the Age Pension and private savings by providing further fund sources from the super you accumulated during your working life. To have an enjoyable and financially secure retirement, it is vital that you think about the ways to set up your super.

Centrelink and Super Pensions

The Department of Human Services deals with health, welfare and social services and payments, including those managed by Centrelink. The Age Pension by Centrelink is an income-support payment helping give older folks a satisfactory level of comfort during retirement.

Like super-based pensions, you should qualify for minimum age requirements so as to acquire the Age Pension. Moreover, your Age Pension eligibility depends on your assets’ value, the salary you earn as well as other specific circumstances.

In general, you could still get the Age Pension together with your super fund. On the other hand, it’s important to remember that:
• your super account’s balance may count towards the assets test by Centrelink, and
• any cash you get from your pension could be deemed in the income test by Centrelink.

As the guidelines can be pretty complex, we suggest you seek guidance from a qualified financial adviser at www.australiansuperfinder.com.au

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