Not all superannuation is equal
Superannuation is something that we all have in common – a growing investment nest egg for our retirement years. But, some superannuation funds grow faster than others. With varying fees, benefits, and investment options, you should make sure that your superannuation is working for you.
Are you thinking about retirement?
80% of Australians rely on their pension for their retirement, but the average person needs approximately double the current pension rate to retire in comfort. There is a huge difference between “getting by” in your retirement and really enjoying your golden years – perhaps with enough money for a few treats, some home improvements, a holiday, or gifts for the family. Whatever you want to spend your extra money on, there’s no reason why your superannuation shouldn’t help you live your retirement in comfort.
Maximise the value of your superannuation fund
There are a few things to look out for when shopping around for the best superannuation fund for you. One of the main savings you can make is fees – you should shop around for the lowest fee you can find, as even small savings could make a big difference over the term of your fund. There are also a number of investment options that you can choose from – some will be more risky than others, but come with different rewards, so you should make sure your investment strategy suits your needs. You should also check out the benefits of the superannuation funds available – for example whether you and/or your employer can contribute extra funds.
Make extra super contributions
It might seem like an unnecessary expense to pay extra money into your superannuation fund each month. But if you want to boost your retirement income, a small contribution can go a long way. By making an extra contribution of even $100 a month could add up to big savings later down the line – often you will be adding tens of thousands of dollars into your fund over the course of your working life.
Consider an SMSF
An SMSF is a self-managed superannuation fund, and has a number of features and benefits that differ from a traditional fund. The main difference is that SMSFs are managed by its members. This means that – while there are some extra time commitments and responsibilities involved – you have more control over how your money is invested. You have the freedom to diversify your superannuation portfolio, invest in property, and pool your funds with others to purchase high growth assets. There is also a number of tax discounts available with an SMSF, which make it an attractive proposition for those with the knowledge and time to implement a strategy. Learn more about SMSF funds.
Get superannuation advice
At Reventon, we provide independent superannuation advice so you can manage your fund most effectively. This means you could significantly increase your retirement income, make tax savings, and use your superannuation wisely.
Book an appointment with the Reventon team and we’ll support you every step of the way.