SUPERANNUATION

MAKING YOUR SUPER WORK HARDER FOR YOU

Planning for the future? We’re here to help you live the way you want to.

HOW WELL DO YOU KNOW YOUR SUPER SITUATION?

When it comes to superannuation, a little now can go a long way towards a comfortable retirement.

Many Australians make the mistake of ignoring their super until it’s almost time to draw on it. But while it might just seem like extra work, failing to track your super often means reaching retirement without adequate funds to satisfy a comfortable standard of living.

This is where knowing your position and tracking your compounding interest becomes so important. Let’s say your super balance is sitting at $50k. At a rate of 10% growth, you could make an additional $5k on the money you invested. And if you were to keep it invested, you would then receive returns on $55k instead of the original $50k for the next year. With this in mind, consider how much you could boost your balance over 5, 10, 20 years if you were to track your investments and transfer your fund if there was a better rate available?

Superannuation Explained

Contribute to a brighter future with ethical super investments.

Ethical super is all about investing your money in organisations that do good by people and the planet. If you opt for an ethical super option, you’ll be contributing to industries such as clean energy, innovation, health care, recycling, education, sustainable retail and other positive initiatives that make the world a better place.

Take charge of your future with a Self Managed Super Fund (SMSF).

A SMSF is a super trust structure that allows the member to act as a trustee. The main benefit of managing your own super fund is the increased level of control and ability to customise your investments to better suit your needs. However, as an SMSF trustee, you’ll also take on a range of extra responsibilities and legal obligations.

Opting for the most appropriate risk profile for your stage of life.

A super risk profile is essentially the level of risk you’re willing to accept in regards to your investments. For younger people, opting for a higher risk profile might be an attractive option as you have ample time to recoup possible losses. Those nearing retirement, however, will generally opt for a more conservative approach.

Why choose Simmons Livingstone & Associates?

To us, it’s personal

We won’t just give you generic guidance and send you on your way. The two most important components of our business is our staff and clients, so we always put them first.

We’re proactive

Whether it’s keeping clients informed of tax changes or spotting opportunities for growth for our clients, we’re always looking for ways to improve.

One-stop-shop

At the end of the day, we’re here to help you achieve financial goals - whatever they may be. We do this by getting to know you and your situation, then helping you in whatever way you need.

We really listen

Everyone has a different definition of financial success. That’s why we really listen to our clients, so that every recommendation is aligned to your own unique goals.

Superannuation FAQ’s

What type of superannuation fund should I choose?

There are many factors to consider when choosing your superannuation fund and the way your retirement funds are invested. The 4 key areas to consider are:-

  • What is your risk vs return tolerance?
  • What fees are your paying?
  • What returns have your investment options been making?
  • What insurance cover do you have within your fund?

Historical performance of the fund provides some insight but is not an indication of future performance. There are many super funds available in Australia to invest your retirement funds, and each has multiple underlying investment options. It pays to discuss your superannuation with a professional to cut through the myriad of information and help get your superannuation moving in the right direction.

How can I boost my superannuation balance?

To boost your superannuation on top of your current returns, you could consider contributing extra towards your superannuation via salary sacrifice, after-tax contributions that you claim as a tax deduction or after-tax contributions that are non-deductable.

It is important that you seek advice to ensure these contributions are made in the right way and that they are as tax-effective as possible. Superannuation often ends up as one of your largest assets, so it makes sense to seek some advice.

How much super will I need to retire?

There is no simple answer here. Every person’s situation is unique and requires evaluation. An important consideration is to understand what your lifestyle expenses will be in retirement, and how your combined assets and possibly Aged Pension will fund these. Do you understand that approximate returns your super will make for you and how long will these meet your needs?

What kind of risk profile should I be opting for?

There are four common risk profiles:

  • Conservative (Low Risk)
  • Balanced (Low/Medium Risk)
  • Growth (Medium Risk)
  • High Growth/Aggressive (High Risk).

Generally speaking, the longer the timeframe until you want to realise your investment, the more risk you can likely afford to take. You want to ensure that your money is working as hard as it can be, but within a comfortable range of risk taken. It is important to speak to a professional to help give you some advice that best suits your personal circumstances.

How does life insurance through your super fund work?

Life insurance can be held within your superannuation fund or via an external policy – or both. When you have life insurance through super, the premiums for that insurance are deducted from your superannuation account balance, rather than out of your own bank account. You will still pay a fee for your insurance, however, if you have other financial commitments such as a home loan, then having the premiums deducted from your super account may make it easier on your immediate cash flow. There are many advantages and disadvantages that should be considered.

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