Superannuation Tips

Many young people think that superannuation is something they will worry about when they are near retirement or when they retire.   For many Australian’s their superannuation will be their biggest asset outside of their home and will determine their lifestyle in retirement.

Here are a few things tips for dealing with your superannuation:

  • Lost Super- statistics from the Australian Taxation Office in August 2014, reveal there is currently $14 billion in lost super waiting to be claimed. If you don’t know how to do a search please let us know and we will complete one for you.
  • Consolidate your account- many people have more than one superannuation and may be paying multiple management fees. Before consolidating though please be aware of benefits you may lose including life and disability insurance.
  • Life and Disability Insurance- it may be cost effective to have this cover through your superannuation and by having this cover in your superannuation, it will not impact on your cashflow.
  • Beneficiary Nominations- this will determine where your superannuation funds will go should you pass away and will also determine whether or not this payment will have tax consequences for the beneficiary. If you do not have a beneficiary nominated, the superannuation fund will decide where the proceeds go.
  • Investment Options- how long since you have reviewed how your superannuation funds are being invested? Does the investment suit your investment risk profile and investment time horizon.

For help with your superannuation, contact our office today.

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