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Super

It’s a bird, it’s a plane….No! It’s Superannuation. The big ‘S’ word. What is it? Basically it’s the government’s way of saying that they cannot afford to pay for your retirement, so you need to do it yourself.

 

Otherwise known as ‘Super’, this is a tax effective method for saving for retirement.

 

As soon as you commence work, you’ll start earning Super, where your Employer begins making ‘super contributions’ as a part of your wage.

 

A common misconception of Super is that it is a waste of money. That it’s just money sitting in a fund doing nothing, when you could be spending it on a facial or beers with the boys. This is true, but only if you haven’t decided to take ownership & ensure that your Super (no matter how big or small) is working for you and earning you money. That’s right ... your Super can MAKE you MONEY!

 

Most people don’t actually realize the numerous ways that your Super fund can make you money. It can be invested in the bank, put in a term deposit or fixed interest account, deposited into property or shares or you can even purchase an investment property with it! Bet you didn’t know that?

 

We’re all going to retire and ideally we’d like to do so comfortably….let’s face it, none of us want to be working when we’re 75. Most of us would like to be lazing on a beach somewhere in the Caribbean without a care in the world, right? Well, put it this way, unless your Super is invested correctly, the vast majority of us will not be able to retire solely on our Employers mandated superannuation payments in order to have a fulfilling retirement.

 

So, if you’d like to spend your retirement on an around the world cruise, fishing from morning ‘til night, sipping Strawberry Daiquiri’s & spoiling the grandkids, then you need to take ownership of YOUR Super and invest your money correctly. It’s that simple.

 

How? Employ Kearneys Financial Management to walk you through the variety of Superfund accounts in order to find one that is right for you.

 

We’ll help you determine how much you will need to contribute, whether it be through Employer contributions, salary sacrificing or after tax contributions, into your Super fund in order to make your dreams for retirement possible. The contribution amount will depend on your age, income and lifestyle expectations and so on.

 

There are a variety of Super accounts, these include:
- Accumulation: The amount of money you and your employer contribute to Super before your reach retirement
- Pension: The way in which you can access your Super in retirement. This is also taxed very favorably.
- Self Managed Super Fund (SMSF): Setting up a SMSF is a great way to have total control of your superannuation monies.

 

You may not be able to actually access your Super until you reach the ripe age of 65 (although, depending on your situation, there are ways around this), however it is most certainly never too early to start preparing for those long relaxing holidays!

 

Here’s a little case study we’ve put together for you…

Give us a call on (02) 9971 5975 or email us.