Taking control of your superannuation

Superannuation is designed to be a tax-effective way to help you save and invest for your retirement. Watch the video here or read the transcription below.


Now here’s an interesting fact: more than one in three Australians will not have enough money for their retirement (Source: AMP Retirement Adequacy Index, December 2012).

For most Australians, superannuation represents their largest single investment after buying their own home. The more you know about your super and the more control you have over it, the greater your chance of living your retirement dreams.

Taking a few simple steps now can make your super work harder and help you stay on track to enjoying the retirement lifestyle you want.

Organising your super

Many Australians have more than one super fund, which may mean paying more than one set of fees and having money in lots of different places. One of the first things to do is to look at bringing your super together.

So, what are the benefits of consolidating your super?

  • save money—one super fund means one set of fees, potentially saving you hundreds of dollars each year and thousands over a lifetime
  • save time—having one fund is easier to keep track of with less paperwork
  • have better control of your investments—with one fund it’s easier to manage an investment strategy to meet your needs

Before you consolidate, it’s a good idea to consider the following points:

  • Will you pay any Exit or Withdrawal fees from your existing super fund?
  • If you hold insurance in your existing fund and want to keep it, can it be transferred? Insurance cover is not automatically transferred when you consolidate. It will generally be cancelled, so make sure the insurance in your new fund meets your needs.

Investing your super

Once you have your super in place, it’s important to decide how to invest this money. Some investment types give you better returns than others, but you need to consider how much risk you’re willing to take. We can help by giving you information you need to choose the right investments.

Growing your super

Once you’ve brought your super together and chosen suitable investment options, another way to grow your super balance might be to put more money into super. There are different ways to make contributions, whether from your pre-tax salary or your after-tax funds.

Taking a few simple steps now can make your super work harder and help you stay on track to enjoying the retirement lifestyle you want.

Steps to consider:

  • Consider the benefits of consolidating your super. Check the features to ensure you are not losing anything that is important to you in your existing funds.
  • Deciding how to invest this money is important; it will affect the amount of super you will have by the time you retire.
  • Another way to grow your super balance might be to put more money into super; consider the different ways you can do this.

To discuss ways to make your superannuation work harder for you, contact us to book a free initial consultation with a Blueprint Wealth financial advisor today.

 

This video contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, AMP Financial Planning Pty Limited and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact Blueprint Wealth on (08) 9423 0300 if you would like more information.