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Protecting Your Super

01/08/2013
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Most of you should have now heard about the new reforms to superannuation. Maybe we should be looking at our superannuation funds in further detail and take a closer look at our own financial health….

According to the changes individuals will soon be paying 15% tax on any earnings above $100,000 for a fund balance of $2.0million or more.

Over 20 years ago superannuation was implemented as an inflation control device and then in the 90’s it became compulsory.  This created control to take the retirement burden away from the government and onto individuals.

So, my question to you is, will you have enough savings to fund your lifestyle in retirement?  This is a question that we should ALL be asking ourselves.

The unfortunate reality is that the present and any future governments are no doubt going to tweak and make changes with the superannuation framework.  Are you going to hope that you have enough funds for your retirement or start taking action to ensure you have enough funds for a financially carefree retirement? It’s important to speak to your accountant/ financial planner to so you can obtain the necessary advice and take control of your financial situation for now and the future.

To help you to get up to speed with your own superannuation here are five questions to answer:

1.     How much money will you need to retire? Most people can’t answer this question. But how can you plan your future when you have no idea whether you are going to be able to pay for it?  It’s like driving a car when you have no destination in mind.  You just drive around and around…..

2.     Do you know your current superannuation balance and if you don’t, why not?  It’s imperative that you know how much you have so you can build on this.

3.     Do you know and understand what your funds are invested in and who’s looking after this? The internet is available to all of us and the various search engines can certainly make it easy to do some homework on your money and where it’s invested.

4.     How has your super fund performed in the last financial year? Does it have fees or not?  If it does have fees, is it worth paying these?  It is important to keep track of how your fund is performing so that you know whether you are on track to achieve your investment goals.

5.       Have you considered whether the type of fund you have is right for you?  Many clients are now starting their own self managed super funds to help them control their funds and be able to invest as they see fit.  Of course you need to obtain advice from your financial planner and/ or Accountant in regards to whether this is the best option for you.  However, it’s certainly worth speaking to those professionals to ensure you are doing the right thing now so you can build on it for the future!

For those of you wanting further information on the above information please don’t hesitate to call or email me.  If you don’t have a trusted accountant or financial planner we are proud to be affiliated with very competent professionals who will be able to advise you accordingly.

Kind Regards

Danielle Ridley

Finance Professional

1/1 Industry Blvd

Carrum Downs, VIC 3201

PO Box 140

Chelsea, VIC 3196

Office: 9020 1420

Mob: 0425 726 419

Fax: 9772 4013

www.mortgagefinesse.com.au

 

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