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Getting more money into superannuation is a proven way of building wealth to spend in retirement.
Ongoing contributions from your employer over the course of your working life, and potentially extra contributions made by you, can make a huge difference to your super balance over the long term as your account balance continues to grow.
Best of all, super contributions are only taxed at 15 per cent up to prescribed annual limits. And, when you finally reach retirement age, your super can be converted into a tax-free pension income stream. You can also pull out your super money tax-free after retirement via one or more lump sum payments.
But how much extra money can you put in each year, and what’s the best way of doing it?
The starting point to making extra super contributions is to know exactly how much you’re allowed to put in.
At the start of July 2022, the minimum guaranteed amount of super that all employers must pay their workers aged 18 and above into a registered super fund account was lifted from 10 per cent of their ordinary wage to 10.5 per cent.
Employers must also pay super at the same rate to any employees aged under 18 who work more than 30 hours a week.
At the same time, the total amount of money that can be put into super each year at the “concessional” 15 per cent tax rate – including employer contributions – was increased from $25,000 to $27,500 this year.
And the amount that can be directed into super using after-tax money was increased from $100,000 per year to $110,000. These are known as non-concessional super contributions.
Salary sacrificing: The simplest way to get more money into your super is to let your employer know, and to arrange for them to make the extra contributions to your super fund on your behalf directly from your pay during each payment cycle.
Instead of paying your normal rate of tax on these extra contributions you’ll only pay the 15 per cent concessional contributions rate (which is automatically deducted).
You can generally specify with your employer that you want a set percentage rate (of your salary) or a fixed dollar amount to be “sacrificed” into your super fund on top of the mandatory 10.5 per cent in super they have to pay.
Thanks to compounding investment returns, even small extra amounts paid every pay cycle from your before-tax earnings will go a long way towards increasing your retirement nest egg over time.
One-off payments: In addition to salary sacrificing, it’s also possible to add money into your super fund using other money you’ve accumulated over time.
You’ve probably already paid tax on this money at your normal tax rate, so the Tax Office allows you to deposit it into your fund at any time during the financial year and then claim a deduction for the tax you’ve paid above the 15 per cent super tax rate.
You first need to check with your super fund if it allows after-tax contributions and then lodge a ‘Notice of intent to claim or vary a deduction for personal contributions’ form when you lodge your next tax return. After-tax contributions can be used in conjunction with pre-tax contributions, including those made by your employer.
Catch-up contributions: You may also have scope to make extra concessionally taxed (15 per cent) super contributions under “catch-up legislation” introduced from the start of the 2019-20 financial year.
This allows you to carry over any unused annual concessionally taxed contributions (that is, if the total payments into your super fund including your employer’s payments are less than the $27,500 maximum annual limit) on a rolling basis for up to five financial years.
In other words, if $20,000 in concessional contributions were made into your account in 2020-21, you may be able to take advantage of your unused gap from last financial year and roll it over into your 2022-23 contributions.
You can make catch-up contributions at any time, and then claim a tax deduction in your next tax return.
You’re able to check what’s available to you in catch-up contributions by logging into the myGov website, navigating to the Australian Taxation Office, selecting Super and “Carry forward concessional contributions” under Information. To take advantage of this option your overall super balance must be below $500,000.
Non-concessional contributions: Non-concessional contributions are after-tax personal contributions you make into your super fund, which can’t be claimed as a tax deduction.
They’re completely separate from your annual concessional contributions and are subject to their own annual limits.
Typically, non-concessional contributions are made using the proceeds from larger asset sales such as from a home or investment property.
The non-concessional contributions limit is currently $110,000 each financial year. However, under what’s known as the “three-year pull-forward rule”, you can make a $330,000 non-concessional contribution in one financial year.
You’re then unable to make further non-concessional contributions for the next three financial years.
If you have more than $330,000 to contribute in total, you could make use of the annual $110,000 limit before 30 June next year. Then, from 1 July, you could use the three-year pull-forward rule to contribute up to another $330,000.
The main advantage of making non-concessional contributions is to have more of your money inside the super system that can generate tax-free earnings in retirement.
Downsizer contributions: The “downsizer measure” enables individuals aged 60 years and above to add up to $300,000, and couples up to $600,000, into their super from the proceeds of their principal place of residence.
A downsizer contribution forms part of the tax-free component in your super fund. It can be made in addition to non-concessional super contributions and doesn’t count towards your personal super contribution limit.
There are a range of conditions around downsizer contributions, and it’s prudent to check these on the Tax Office website.
It’s important to be aware of all the super contributions boundaries.
Excess concessional contributions are included in assessable income and taxed at your marginal tax rate.
The Tax Office applies a 15 per cent tax offset to account for contributions tax already paid by your super fund.
You then have the option of withdrawing up to 85 per cent of any excess concessional contributions from your super fund to help pay your income tax liability.
If you don’t you could be taxed heavily and any excess concessional contributions not released from your fund are counted towards your non-concessional contributions cap.
Contact us today if you’d like to find out more about contributing to your super.
Let’s be real – life can be hectic, and it’s easy to let important financial tasks fall by the wayside. But trust me, taking care of these responsibilities, especially if you’re saving to buy a home, can make a world of difference.
Let’s look at some aspects of adulting that can really pay off. I’ll walk you through some essential financial planning hacks and share some adulting tips on how to make them less of a headache.
I know, filing your tax return is about as fun as watching paint dry.
But here’s the thing – if you get it done early, you can use that refund to pay off debt or boost your savings. Focus on knocking out high-interest debt first, or start with the smallest debt to gain some momentum. Either way, you’ll be glad you did.
If you are wanting to reduce debt there are a couple of approaches you could consider. Filing your tax return early allows you to use your refund to pay off debt or increase your savings. Prioritize paying off high-interest debt or focus on the smallest debt to build momentum.
Want to know a secret? The “pay yourself first” method is a game-changer. Use the “pay yourself first” method by automatically deducting a set amount from your pay into a savings account. Set up an automatic transfer from your paycheck into a savings account, and watch your nest egg grow.
Lenders love to see consistent, disciplined saving when considering loan applications, so you’ll be doing yourself a huge favor. Working with seasoned financial advisors Melbourne can help you secure the right path towards your financial goals.
Another thing a potential lender will be interested in when deciding whether to lend to you and how much they are prepared to lend, is your credit score.
Your credit report is like a snapshot of your financial life. It includes your credit history and financial habits, and it plays a big role in determining your creditworthiness. Your credit score can be influenced by several factors including your debt (past and present), including any problems you’ve experienced repaying that debt, as well as loans (and loan enquiries) you’ve taken out.
You can get a free copy every three months from credit reporting agencies like Experian, illion, or Equifax. Take a close look at factors like past and present debt, repayment issues, and loan inquiries – they all impact your credit score.
I know, going through your credit card statement line by line isn’t exactly thrilling. But it’s a great way to spot unused subscriptions or services that are draining your wallet. While you’re at it, take a few minutes to compare rates for utilities and insurance. You might be surprised at how much you can save by switching providers.
Listen, I get it – paying for insurance can feel like a waste of money when you’re trying to save for a home. But imagine how much it would cost to replace your belongings if something happened to them. Home, contents, and car insurance can safeguard your assets and prevent a major setback in your savings journey.
Your superannuation might seem like a distant concern, but it’s crucial to ensure you’re getting what you’ve earned. Your employer should be contributing at least 11.5% of your earnings to your super account. If they’re not, the Australian Tax Office (ATO) can help you recover any missed contributions.
A series of small tweaks and changes in the way you manage your financial situation can really add up, so set aside a rainy day when you’ve got nothing better to do and commit some time to catching up on your financial admin – it will be worth it!
To learn more about financial security, speak to our qualified team of financial planners and wealth creation experts.
Contact us online or call us on 03 9427 0855.
Retirement should be a time of relaxation, not financial stress, but understanding the tax implications on your retirement income can sometimes be confusing. Here’s a breakdown to help you navigate this important aspect of your golden years.
If you’re over 60, good news! Most superannuation income streams from taxed funds are tax-free. This means your account-based pensions and annuities generally won’t incur any tax once you’ve reached this age milestone.
When it comes to income streams from your superannuation, you have a couple of options:
Your super income is divided into taxable and tax-free components:
For those between 55 and 59, your super income consists of two parts:
Generally, accessing your super before age 55 is restricted unless due to permanent incapacity or severe financial hardship. In such cases, the tax treatment mirrors that of ages 55 to 59, with income split between taxable and tax-free components.
Before accessing your benefits, your fund will inform you how much of your entitlement is taxable versus tax-free.
Some government funds, known as ‘untaxed funds,’ defer taxation until you access the money. Be sure to check with your fund or consult a financial advisor Melbourne for specific details.
The way you access your SMSF depends on its trust deed. Taxes apply based on the fund’s rules and your age.
If you’re working but have reached preservation age (between 55 and 60), you can supplement your income with a TTR pension. You can withdraw up to 10% of the balance annually, taxed similarly to other super income streams. Investment returns in TTR pensions are taxed up to 15%.
Annuities purchased with non-super money provide fixed income. This income, after deducting capital repayments, is taxed at your marginal rate.
Find out more about tax on super on the Australian Taxation Office (ATO) website. Services Australia’s Financial Information Service offers free seminars on topics such as retirement income and pension options – or feel free to contact us for more help.
To learn more about financial security, speak to our qualified team of financial planners and wealth creation experts.
Contact us online or call us on 03 9427 0855.
Striking the right balance between living well today and securing your financial future can feel like walking a tightrope. Understanding how to manage this balance is crucial for your long-term financial wellness.
One of the most common concerns our financial planner team encounters is the struggle between enjoying life today and preparing for tomorrow. You shouldn’t have to choose between current happiness and future security – the key lies in finding the right balance for your unique situation.
Whether you’re saving for your children’s education, planning a dream vacation, or preparing for retirement, your financial strategy should adapt to your life stage. Our financial advisor Melbourne team can help you create a customized plan that allows you to live comfortably while building for the future.
The financial balancing act becomes particularly crucial during retirement. With Australians now potentially spending three decades in retirement, it’s essential to plan carefully. Our financial advisor Sydney experts have found that many retirees live too frugally, often passing away with substantial wealth unspent.
Your approach to spending and saving naturally evolves throughout your life. What works during your wealth-building years might need adjustment as you near retirement. Professional guidance can help you adapt your strategy as your circumstances change.
Research shows that Australians working with financial advisors are significantly more confident about achieving their financial goals (71%) compared to those without guidance (55%). These individuals are also more likely to:
Understanding your financial position is crucial for achieving balance. With professional guidance, you gain the knowledge and confidence to make informed decisions about both current spending and future planning.
Ready to find your perfect financial balance? Connect with our expert financial strategists today to create a personalized strategy that helps you enjoy the present while securing your future.
Putting more money into superannuation is a great way to save up for when you stop working.
Your employer puts some money into your super account while you’re working. You can also add extra money yourself, which can really boost your super savings in the long run.
The best part is, the money you put into super is only taxed at 15%. And when you retire, you can turn your super into a pension that you don’t have to pay tax on. You can also take some or all of your super limits out as a lump sum payment without paying tax after you retire.
But how much extra money can you add each year, and what’s the best way to do it? Let’s explore your super contribution limits and how you can maximize them for your retirement!
The first step to adding extra money to your super is knowing how much you can add.
Starting in July 2022, the minimum amount that all employers have to pay into their workers’ super accounts increased from 10% to 10.5% of their regular pay for employees aged 18 and older.
Employers also have to pay the same rate of super to workers under 18 who work more than 30 hours a week.
At the same time, the total amount of money you can put into super each year at the lower tax rate of 15% – including what your employer puts in – went up from $25,000 to $27,500.
And the amount you can add to super using money that’s already been taxed went up from $100,000 a year to $110,000. This is called non-concessional super contributions.
The easiest way to add extra money to your super is to tell your employer you want them to put more into your super fund directly from your pay.
Instead of paying your usual tax rate on this extra money, you’ll only pay a lower rate of 15%, which is automatically taken out.
You can usually tell your employer how much extra you want them to put into your super, either as a percentage of your salary or as a fixed amount. This is on top of the 10.5% they have to pay by law.
Because your money earns interest over time, even a small extra amount added to your super each pay period from your before-tax earnings can make a big difference to your savings for retirement.
Apart from salary sacrificing, you can also add money to your super fund using savings you’ve gathered over time.
You’ve probably already paid tax on this money at your regular tax rate. The Tax Office lets you deposit it into your super fund at any time during the year. You can then claim a deduction for the tax you’ve paid above the 15% super tax rate.
First, check if your super fund accepts after-tax contributions. Then, when you do your next tax return, fill out a form called ‘Notice of intent to claim or vary a deduction for personal contributions’. You can use after-tax contributions along with before-tax contributions, including those made by your employer.
You might also be able to add more money to your super at the lower taxed rate of 15% under ‘catch-up legislation’. This started in the 2019-20 financial year.
This allows you to carry over any unused yearly contributions at the lower taxed rate for up to five years. For example, if you had $20,000 in contributions in 2020-21, and the yearly limit is $27,500, you can use the leftover $7,500 in contributions for the next year.
You can make catch-up contributions at any time and claim a tax deduction later.
You can check if you’re eligible for catch-up contributions on the myGov website under the Australian Taxation Office. Your overall super balance must be below $500,000 to use this option.
Non-concessional contributions are personal contributions you put into your super fund after you’ve already paid tax on them. You can’t claim them as a tax deduction.
These contributions have their own yearly limits and are different from the contributions that are taxed at a lower rate.
Usually, people make non-concessional contributions when they sell big assets, like a house or an investment property.
Right now, the yearly limit for non-concessional contributions is $110,000. But there’s a rule called the “three-year pull-forward rule” that lets you put in $330,000 in one year.
After that, you can’t add more non-concessional contributions for the next three years.
If you have more than $330,000 to put in, you could use the $110,000 yearly limit before June 30 next year. Then, starting from July 1, you could use the three-year pull-forward rule again to add up to $330,000 more.
The big advantage of adding money this way is that it grows tax-free in your super fund for when you retire.
The “downsizer measure” lets people aged 60 and over add up to $300,000 (or $600,000 for couples) from selling their main home into their super.
This money goes into the tax-free part of your super fund. You can add this on top of your non-concessional contributions, and it doesn’t count towards your yearly limit.
There are rules about downsizer contributions, so it’s a good idea to check them on the Tax Office website.
It’s really important to know all the rules about adding money to your super.
If you put in more money than allowed, it’s called excess concessional contributions. This extra money gets added to your income and taxed at your normal tax rate.
The Tax Office gives you a 15% tax break to make up for the tax your super fund already paid. You can take out up to 85% of the extra money from your super fund to help pay the extra tax.
If you don’t, you could end up paying a lot of tax. And any extra money left in your super fund counts towards your non-concessional contributions limit.
Want to make the most out of your super limits? A financial advisor can guide you in making the right financial decisions.
To find out if our strategies are right for you, feel free to contact 360 Financial Strategists online or on 03 9427 0855.
The idea of retirement holds a strong allure for many individuals. Picture breaking free from the confines of the workforce, with the freedom to pursue your passions whenever you please. But why postpone enjoying the things you love until retirement? Follow our retirement planning advice to get a head-start on the things you love.
Retirement planning offers the opportunity to pursue our passions and interests freely, whether it’s traveling, learning new skills, indulging in hobbies, or cherishing time with loved ones.
However, delaying the pursuit of happiness until retirement means postponing activities that could bring joy into our lives today. Embracing activities that bring us happiness now and honing those skills can facilitate a smoother transition when bidding farewell to the workforce.
Retirement marks a significant transition in our lives, and it’s natural for this adjustment to pose some challenges. For many of us, our jobs provide a deep sense of identity and shape how we perceive ourselves. Therefore, leaving the workforce can lead to a loss of identity and a sense of emptiness.
This is why, instead of solely focusing on retiring from something, receiving retirement advice often emphasises having something fulfilling to retire to. It encourages individuals to envision what they want their life to look like after leaving work.
Take some time to reflect on what defines you and brings you satisfaction outside of work. Developing a retirement plan that incorporates these aspects can provide direction and clarity as you transition into this new phase of life.
Even with a busy work schedule, it’s possible to make progress towards your retirement goals by dedicating small pockets of time each week to meaningful activities.
For instance, if traveling is on your retirement agenda, consider enrolling in a short language course relevant to your dream destination. This proactive step can help you prepare for the adventure of a lifetime.
Similarly, if you’ve always dreamt of writing a novel, why not start drafting an outline now? Taking this initial step could lead to significant progress, and who knows, you might even have a second novel underway by the time retirement rolls around!
For those aiming to prioritise fitness in retirement, joining a gym and establishing a regular exercise routine, even if it’s just a few times a week, is a commendable start.
Remember, cultivating new habits and skills takes time. By starting now, you lay the groundwork for a smoother transition into retirement, when you’ll have more leisure to dedicate to these pursuits. Additionally, beginning early allows you to experiment and determine which activities truly resonate with you, ensuring your retirement planning advice is tailored to your interests and aspirations.
In addition to engaging in enjoyable activities, surrounding yourself with cherished companions is crucial for a fulfilling retirement.
Reflect on the individuals you derive pleasure from spending time with and nurture those friendships today. Cultivating these connections not only eases the transition into retirement but also enriches your life with happiness and the rewards of meaningful relationships. Remember, there’s always room in your life to form new friendships as well!
When considering retirement planning advice, prioritising relationships is as essential as planning activities and financial security.
In crafting your retirement plan, it’s crucial to maintain an open mind regarding how you envision your retirement unfolding. It’s essential to recognise that not everyone retires according to their original plans. Unexpected factors such as health issues, caregiving responsibilities, or workplace changes may necessitate earlier or alternative retirement paths.
Therefore, it’s vital to prioritise living well in the present moment. Embrace activities and experiences that bring you joy and fulfilment now, as doing so lays the foundation for a fulfilling retirement, whether it’s imminent or still on the horizon. Incorporating this perspective into your retirement planning advice ensures that you’re prepared for whatever the future holds.
To learn more about our services and financial strategies feel free to contact us online or call us on 03 9427 0855.
Superannuation funds are an essential part of preparing for retirement, but understanding the fees involved is crucial to maximizing your savings. In this guide, we’ll explore the various fees super funds charge and how you can manage them effectively.
Every superannuation fund charges fees to manage your retirement savings. These fees can vary significantly between providers and are detailed in your annual member statement.
They are also available on the provider’s website, in product disclosure statements, or through member portals. If you have multiple super accounts, consolidating them with the help of a financial planner can help reduce the fees you pay. However, be mindful of any insurance policies attached to your accounts before making changes.
1. Administration Fees: Administration fees cover the general costs of managing your super accounts. These fees can be fixed or a percentage of your total balance.
2. Investment Management Fees: These fees cover the costs of managing your investments within the super fund. They are typically charged as a percentage of your total balance and vary depending on the investment option chosen.
3. Investment Switch Fees: Some funds charge fees when you change or rebalance your investment options.
4. Buy/Sell Spread Fees: These fees cover the difference between the buying and selling prices of investment units and are incurred when making contributions, withdrawals, or changing investment options.
5. Other Fees:
Regularly reviewing your super fund’s fees is essential. Here are some strategies to help minimize costs:
Understanding superannuation fees is vital for maximizing your retirement savings. By regularly reviewing and managing these fees, you can ensure more of your money remains invested for your future. Tune into our podcast episode for a deeper dive into superannuation strategies and tips.
When it comes to managing your super, leave it to professionals! Let an expert financial advisor guide you through your journey to financial management.
To find out if our strategies are right for you, feel free to contact 360 Financial Strategists online or on 03 9427 0855.
A recontribution strategy is a powerful tool for reducing the tax burden on your beneficiaries upon your death. While Australia doesn’t have an inheritance tax, superannuation proceeds can be taxed if received by non-tax dependent beneficiaries, usually adult children. Here’s how a recontribution strategy can help you optimize your superannuation for tax efficiency and wealth creation.
A recontribution strategy involves withdrawing funds from your superannuation and then re-contributing them back into the same fund. This approach is designed to convert taxable components of your superannuation into tax-free components, thus reducing the tax liability for your beneficiaries.
Understanding the components of your superannuation is crucial:
Upon your death, non-tax dependent beneficiaries will pay tax on the taxable component, but not on the tax-free component. Therefore, converting taxable funds to tax-free can significantly reduce their tax burden.
Typically, this strategy is implemented after the age of 60 and upon ceasing work, or after the age of 65, as withdrawals at these stages are tax-free. By withdrawing and then re-contributing these funds as after-tax contributions, they become part of the tax-free component.
Consider a scenario where an individual withdraws $330,000 from their superannuation after the age of 65. This withdrawal is tax-free. If the same amount is re-contributed using the bring-forward rule, the funds re-enter the superannuation as tax-free. Without this strategy, if the funds were inherited by a non-tax dependent beneficiary, approximately $56,000 would be payable in taxes.
A recontribution strategy is a selfless act aimed at minimizing the tax burden on your beneficiaries. By converting taxable superannuation funds to tax-free components, you can significantly reduce the taxes payable by your non-tax dependent beneficiaries.
Consult with an expert to determine if this strategy is suitable for your financial situation. Let an expert financial advisor guide you through your journey to financial management!
To find out if our strategies are right for you, feel free to contact 360 Financial Strategists online or on 03 9427 0855.
Planning for retirement is an important step in securing your financial future. Whether you’re just starting to think about retirement or you’re nearing the end of your working years, it’s never too early or too late to start preparing. In this guide, we’ll cover everything you need to know about retirement planning and how to prepare for retirement effectively.
After many years of hard work, you’re likely looking forward to retirement and the chance to relax and enjoy life without the pressures of work. If you’re planning to retire in the next 10 or 15 years, it’s important to start preparing now to ensure a comfortable retirement.
One key step of retirement planning is to assess your sources of income before your planned retirement date. This gives you time to make any necessary adjustments and ensure you have enough money to support your desired lifestyle.
Start by thinking about the kind of retirement you want. Will you stop working completely, or continue part-time, volunteer, or travel? It’s important to have a clear idea of your financial needs to support your retirement plans. If there’s a gap between your current savings and your retirement goals, consider how you can save more or adjust your plans to match your financial situation. Reviewing your current expenses can help you identify areas where you can cut back to save more for retirement.
It’s smart to have a mix of stocks, bonds, and other investments that match how much risk you’re okay with and how long you plan to invest. It’s also good to have some money that’s easy to get to when you need it. Having different types of investments helps protect your money when the economy is not doing well and can help you make extra money without much effort.
Take full advantage of superannuation, especially catch-up contributions. Try to put as much money as you can into your superannuation account, up to the maximum amount allowed. This can help you save on taxes and make more money on your investments. If you’re close to retiring, aim to put in as much money as your employer does, or even more if you can. This can help you live better when you retire.
Before you retire, try to pay off things like your mortgage, credit cards, and loans. By owing less money, you won’t have to spend as much of your retirement savings on paying interest.
Think about how much money you’ll need to live comfortably in retirement. A common rule says you can spend about 4% of your retirement savings each year. So if you have $1 million saved, you could spend about $40,000 a year. But everyone’s situation is different, so it’s important to plan carefully. You can save more money for retirement by:
– Working a bit longer
– Spending less money on non-essential things
– Talking to a financial advisor to help you plan for the future
Once you turn 65, Medicare will help with most of your healthcare costs. But you might want to set aside some extra money for unexpected medical expenses as you get older.
Where you choose to live when you retire can affect how much money you need. You might want to downsize to a smaller home, or maybe even move to a bigger one. It all depends on what you want and what works for you.
Start your journey to financial freedom with expert guidance! A financial advisor can guide you in making the right financial decisions.
To find out if our strategies are right for you, feel free to contact 360 Financial Strategists online or on 03 9427 0855.
“How much super should I have?”
As financial advisors, we often get asked a tricky question: How much super should I have? It’s not always easy to give a simple answer.
One way to figure it out is by looking at the national average. This means considering things like gender, how much money you make, how much you put into your super each year, how long you’ve been working, and how much your super grows over time. It’s a bit like painting with a broad brush – it gives you a general idea.
This table shows some average super balances for men and women of different ages.
After seeing those numbers, you might wonder: “How much super do I really need?” It’s another simple question with a complicated answer.
Many financial experts used to say you needed $1 million for retirement – a nice, simple goal. But in reality, that number was often too high and impossible for most Australians to reach. Especially if you only started saving for retirement later in your working life.
This could make people feel stressed and put off their retirement plans if they weren’t close to that “magic number”.
To figure out what you really need for retirement, start by thinking about how much money you need each year. This is important because it’s likely you’ll need a similar amount when you retire.
Next, think about any big expenses you’ll have in retirement. Maybe you’ll need to buy a new car, go on a long-awaited vacation, pay off some debts, or help your kids with a home deposit. These things can affect your retirement plans.
Lastly, consider if you’ll get any government support like the Centrelink Age Pension. Look at what you own and what income you might have during retirement, like rent or dividends. Depending on your situation, you might qualify for some or all of the Age Pension.
If you find out you don’t have enough money for retirement, don’t worry! There are things you can do to boost your superannuation. Depending on how soon you plan to retire, you could try one or more of these options:
If you’ve tried all these things and still have questions about your retirement, you can talk to the team at 360 Financial Strategists. We’re here to help and can give you advice on what to do next.
In need of expert guidance for your super rates? A financial advisor can guide you in making the right financial decisions.
To find out if our strategies are right for you, feel free to contact 360 Financial Strategists online or on 03 9427 0855.
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