Did you get a letter recently from your super fund about protecting your super?
In February 2019, changes proposed in the 2018 budget became law, and if action isn’t taken then inactive superannuation accounts could lose their insurance. The changes are due to commence from 1 July 2019,
A recent survey of SMSFs revealed that estate planning is the highest unmet need for advice, estimated to affect 59,000 funds which equates to about 10% of the total number of SMSFs in Australia. Given demographic trends and the continued growth of SMSF numbers in Australia, this advice gap looks set to rise over time.
How much superannuation should I have for my age?
As of July 2014, employers have been required to contribute 9.5% into superannuation, however individuals are able to contribute further.
According to The Association of Superannuation Funds of Australia’s (ASFA) Retirement Standard,
Update: Applications for the Queensland Government Energy Efficient Appliance Rebate are now open. To apply, go to www.qld.gov.au/appliancerebate.
Although purchasing appliances that are more energy efficient can have a higher upfront cost, they can lead to long term saving because of the amount of money you will save on your electricity bill yearly.
There is no magic number to start planning but the simple answer is, the earlier you start, the more chance you have to achieve the retirement that you dream of having.
The reason for this is because of the compounding interest effect. Below are some simple graphs showing how powerful this effect can be.
One of the key challenges for people approaching retirement is adequately preparing for it. The other big challenge is gaining greater confidence in how their finances might look once retired.
Getting the right advice helps enormously with this, and likewise beginning the planning process earlier rather than later will reap rewards.
According to Australian Bureau of Statistics (ABS) figures, goods and services spending grew by 21 per cent in 2015-16 over the 2009-10 figure for households with a reference person between 55-64. In the same period, households headed by someone over 65 years of age saw a spending increase of 22 per cent.
Money know-how can come from anyone, young or old. When it comes to financial wisdom, author and speaker Kylie Travers has taken her lead from the previous generation.
Get serious about saving
You can’t avoid it. To get on top of your finances you need to save and to save means you have to have financial discipline.
As you know, the superannuation reform announced in the 2016 Federal Budget has been largely implemented. We have busy working with our clients to address all their concerns and working with them to ensure that no rock is left unturned when it comes to their personal circumstance. In regards to the $1.6 million transfer balance cap,