Superannuation
Why superannuation matters
Many of us will spend more than a quarter of our lives retired. People are now living to an average age of 81 for men and 85 for women, and those numbers are expected to rise to around 91 and 93 respectively by 2050.
That means most of us will need more money in retirement than we might think. Unless you’re counting on a lotto win or a money tree in the backyard, superannuation plays a vital role in helping you enjoy your retirement years and maintain a comfortable standard of living — something that’s not achievable on the Age Pension alone.
(Source: Association of Superannuation Funds of Australia – ASFA)
How super works
Superannuation is a long-term savings structure designed to help you build wealth for retirement. It’s treated differently to most other forms of saving — for many people, earnings within super are taxed at a lower rate than similar investments outside super.
If you’re self-employed, you may also be able to claim a tax deduction for personal contributions you make to super.
What your employer does
If you’re entitled to receive super, your employer is required by law to pay superannuation contributions into your nominated fund at least every three months.
What your super fund does
Once your fund receives contributions, it invests that money — either in its default strategy or in an investment option you’ve chosen yourself. Super funds charge various fees, including administration, member and investment fees, as well as optional adviser and insurance costs.
Your role
It’s important to keep track of your super balance and contributions to ensure your money is working as hard as it can for your future.
If you’re self-employed, you’re responsible for making your own contributions, so regular reviews are essential to stay on target.
How we can help
The team at Harvest Wealth can help you understand, grow and manage your superannuation more effectively.
We can help you:
- Consolidate your super funds to save on fees
- Identify investment options suited to your goals and risk profile
- Review your concessional and non-concessional contributions
- Find strategies to help boost your super
- Set up salary sacrifice arrangements
- Review your insurance within super
- Confirm your beneficiary nominations
- Determine whether a self-managed super fund (SMSF) is right for you
How to find lost super
If you think you may have lost track of your super, there are several ways to locate it:
- Australian Tax Office: Search the Lost Members Register and ATO records for unclaimed or inactive accounts. You can also phone 13 28 65.
- myGov: Log in or create a myGov account and link it to the ATO to view all your super accounts in one place.
- Previous employers: Contact former employers to confirm which super funds received contributions on your behalf.
To discuss your superannuation needs, contact one of our qualified advisers at Harvest Wealth Services on (03) 9557 3188.