I’m 37 and have under 30k in super. This is due to not working while raising kids and not understanding super when I was younger and losing it in fees etc.
I want financial security when I retire. I’m working it out and at this rate I’m not sure I’ll be able to live comfortably. I need some serious education in how to make my super work for me.
My parents aren’t financially secure and have never done anything with their super so they only have the basic contributions and interest and can not give any advice.
Please help me understand how to set my super up to maximise benefits or tell me who I need to see to help me?
Superannuation
Superannuation
Posted in:
Money
3 Replies
As your payroll dept to increase your super contribution from the current amount 9.5% to 15%, pre tax. Over this years this will add up to a substantial amount and you’ll also pay less tax.
A financial advisor. My H is one & often helps people organise their Super. They are expensive, but worth it if you don't understand. It's complex.
Look into salary sacrificing into your super. It comes out pre-tax & is taxed at a lower rate so you keep more of your money. Also choose an investment option with your Super that suits your risk. Higher risk = higher returns, lower risk = lower return (but safer).
Make sure you're with the best Super company. Their costs are vary wildly. Again, an advisor can help. Your Super company can help with implementation.
I suggest you do some reading. ATO has some info. https://www.ato.gov.au/individuals/super/growing-your-super/adding-to-yo...
As an aside, ensure you're saving & paying of debts & not getting further into debt. Otherwise that's where your Super will go!!
Start with The Barefoot Investor. Puts everything in simple English. Borrow a copy from the library if you don't want to buy your own copy. Best thing!