Superannuation Planning: Make it your priority
“I’ve just started my first job, do I need superannuation planning?” “I’m over 30, should I have started my superannuation plan?” These are the typical types of questions we are regularly asked.
It doesn’t matter at what stage in your life you are, it really does pay to comprehend how superannuation really works. If you start early, then by the time you are retiring, your superannuation may be one of your biggest assets.
Whether you need advice for superannuation planning or you’re looking to set up a Self-Managed Super Fund we are here to help.
Superannuation and me
Superannuation is a form of saving where you put aside some money through your personal efforts or through your employer and then its invested on your behalf for retirement. Generally, it’s one of the best ways to invest your money for your retirement so that you don’t depend entirely on the social security system to fund your life.
Many people think that superannuation is a form of investment such as shares or cash. On the contrary, superannuation is your investment framework. By having super, you can hold different types of investments such as cash, property and shares. Many investments that are undertaken outside of super can also be incorporated into superannuation.
Your super grows since your money is paid at regular intervals and invested at an adjusted tax rate. Tax adjustments and all the other government benefits make superannuation a great long term investment. However, money from your superannuation account can only be of benefit after you have retired or during transition to retirement.