Superannuation Advice

Financial Planning for retirement

Good superannuation advice can help you achieve a financially superior plan for retirement, outpace inflation, and enjoy a better quality of life in your golden years.

When you’re younger, creating your nest egg for retirement may be the last thing on your mind. In fact, super is so far off many people’s radar that the Australian Taxation Office (ATO) holds billions of dollars of unclaimed or lost super.

According to the Association of Superannuation Funds of Australia’s Retirement Standard, to have a ‘comfortable’ retirement:

Single people will need $545,000, and
Couples will need $640,000 in retirement savings.

Unfortunately, many Australians discover their super savings aren’t enough to maintain the same standard of living as pre-retirement, as they didn’t start building enough retirement savings early enough.

Luckily, it’s never too late to start investing and planning for retirement. With the help of our retirement planning experts, we can help you save for life after work.

Why it's important to plan for retirement

There are many factors that influence your retirement funding and what your quality of life will look like, such as your housing situation, expenses, and how you plan to spend your time.
You may have to retire sooner than you planned, due to an unexpected event like illness or caregiving.
People in Australia are living longer, which means your retirement savings needs to last longer.

factors that can impact your super savings

Your gender and parenthood

According to the Future Face of Poverty report by AustralianSuper and Monash University:

Women earn an average of $241 less per week than men, which leads to lower super contributions
Women’s earnings tend to plateau beyond age 28, as many women take career breaks to care for children and other family members.

Taking time off work for parenthood or caregiving can adversely impact your superannuation contributions, but our retirement planners can help create a strategy to bring you back on track.

Book an appointment to explore superannuation and retirement planning

Working Through an ABN or ACN

If you’re self-employed or a business owner, paying super is your responsibility. According to the Association of Superannuation Funds of Australia (ASFA), self-employed people tend to have lower super balances than their employees (PDF). With around 20% of self-employed people having no superannuation at all.

Working with a superannuation advisor can help you plan for retirement and boost your super savings. For example:

Self-employed or business owners might be able to claim super as a tax deduction
If you’ve had a good quarter, you could also pay extra bulk contributions or carry forward unused concessional contributions from previous years.

No matter where you are in your journey, you can speak to a financial advisor and increase your retirement funding.

Choosing the Right Retirement Planner

Engaging a retirement planner should be a top priority ahead of your golden years. Though choosing the right planner is of equal importance.

When browsing retirement planners, you should:

Accept a complimentary free first meeting: Many retirement planners offer a free initial consultation. This can be a great way to screen potential candidates and ensure their expertise aligns with your financial situation.
Ask advisors to break down their fee structures: Ask whether they charge hourly, flat fees, a percentage or otherwise.
Confirm credentials and qualifications: Retirement planners in Australia must hold an Australian Financial Services Licence (AFSL) or be authorised by an AFSL holder.

Making the right decision from the onset can ensure your wealth creation journey leads to a more lucrative and comfortable retirement.

Why You Should Invest in Your Superannuation

Expert superannuation advice could be your ticket to a comfortable retirement. With strategies like salary sacrifice, you can invest extra income into your super – helping you take advantage of tax benefits. It can also help you get compound returns, which put simply, can snowball your superannuation balance.

Contributing more money in your super can be a tax effective way to grow your wealth faster and more wisely. While the earlier you start feathering your retirement nest the better, it’s never too late to start. Our expert advisers can still help you plan a retirement you’ll be proud of.

Salary sacrifice – An arrangement with your employer to contribute extra pre-tax earnings to your super.
Voluntary contributions – Additional personal contributions to your super fund with your after-tax income.
Spouse contributions – Super contributions you make for your spouse from your after-tax income, helping boost their super savings and potentially saving you on tax.
Self-managed super funds (SMSF) – A self-run fund where you make investment decisions and are responsible for super and tax law compliance.

Speak to 360 Financial Strategists About Your Retirement Planning Options

If you want to enjoy a comfortable retirement lifestyle, it’s time to take charge of your own future. Contact us today to discuss your options, or book a free 15 minute clarity call today.

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