EXTEND YOUR SUPER
Are you looking at your Super balance and becoming a little nervous as to whether it will be enough? There are a few things you can do to ensure you make the most of your Super.
1. REVIEW YOUR SUPER FUND
Conduct a review of your Super Fund, ensure it has low fees and a solid history of strong returns. Most funds offer life insurance, total and permanent disability cover and income protection. Firstly check that your super policy does offer these options. Generally, buying this insurance through your super fund can be cheaper and premiums are deducted from your super account.
2. SALARY SACRIFICE
While you are still employed, make extra contributions through salary sacrifice. This means giving up some of your pre tax pay and putting it into your super. This saves you on tax as monies going into Super are only taxed at 15%.
3. CONSIDER A TRANSITION TO RETIREMENT STRATEGY
If you are still working and keen to do so for the time being this kind of strategy can help you ease into retirement. You can us some of your Super as an income stream. This can also have tax benefits.
4. GOVERNMENT ENTITLEMENTS
Do the research and find out what you are entitled to as it will affect the amount of Super you need to draw on to supplement your income.
5. KEEP UP TO DATE WITH CHANGES
Ensure you keep up to date with changes to laws affecting your Super or government entitlements. The federal government recently passed significant changes to superannuation. You can read more about these changes here http://www.treasury.gov.au/Policy-Topics/SuperannuationAndRetirement/Superannuation-Reforms