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

Superannuation for People with Growing Commitments

Are you planning on quitting work for good in the next ten years?

First thingís first. How much money will you actually make? Research suggests that a couple retiring today and owning their home needs more than $54,000 a year to live comfortably. And more than $31,000 if they live more modestly. If youíre single, these dollar figures come down by about a third.

If it sounds like youíll need a lot of money to last 20 years or more, the good thing is there is still time to kick your planning into gear.

Stash More Money, Pay Less Tax

The first big idea is to increase your super now. Superís big secret is you may pay less tax on your additional contributions compared to taking salary. And less tax on your earnings and super compared to other savings. Your savings in super will produce 31% more at age 60 and 35% more at age 65. The reduced tax you pay in your super thus makes a huge difference. Or looked at the other way, youíd need to earn a much harder return on your money outside of your super to match those results.

In your super, you can invest your extra money in a variety of investment options, just like outside of super.

Earn a Pension Income While Working

Now that we have started to activate your planning, you can opt for a method that allows you to access your super before you even retire. You can do that via a transition-to-retirement pension, also known as a TRP, normally once you reach 55. There are a number of strategies and benefits associated with these pensions including the ability to reduce your working hours while maintaining your income and increasing your super savings. Itís all about making best use of the tax-concessions in super.

Get Your Investments on Target

You can make sure your investments are matched to your goals and your tolerance to risk. As you approach a stage where youíre drawing income from your super, you may want to consider ways of taking less risk to preserve your capital. For example, moving more super away from shares and property into more stable investments like bonds or cash. You donít have to be an investment specialist to invest your super.

If you need help in making the right choices, an equipped financial planner can help you. You can consult our experts at www.australiansuperfinder.com.au by calling this number - 1300 252 167

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