Retirement financial advice 3 ways to make the most of your super

Have you checked your super lately?

It’s worth keeping an eye on your investment as the more money both you and your employer contribute, the more time your savings has to grow. Getting the right retirement financial advice is important so you can enjoy your retirement in comfort.

At HQB Financial Solutions, we believe everyone should take an interest in their Super retirement funds and have access to quality retirement financial advice. It’s a great feeling to have a light at the end of the tunnel. Contact Craig today and get on top of your Superannuation.

Many of us tend to ‘set and forget’ our superannuation. But it is worth checking in regularly to ensure you are always getting the best deal (and that you’re always being paid what you are owed). There is currently more than $14 billion in lost super in Australia, so you’d be crazy not to seek retirement financial advice.

Here are three ways to maximise your superannuation:
#1 Make voluntary contributions Over the period of your working life, by law your employer must pay 9.5% of your salary into a super fund. This is known as the Super Guarantee and this is likely to increase to 12% in the future.
However, for many of us, this isn’t enough to prepare for retirement. So, there is also the option to voluntarily contribute to your super. This significantly increases the amount of super you have once you reach the age of retirement. Remember the more you save, the earlier you can stop working
There are several reasons why you should increase your super:
• The inevitable increase of the cost of living • If you are eligible, then government support such as age pension may not be enough to live on in retirement • You may be eligible for extra government contributions

If you want to contribute extra money to your superannuation, there are several options.
1. Salary sacrifice: you can choose to ‘sacrifice’ a portion of your salary to your super which counts towards your concessional contributions cap. This amount is paid through your employer directly into your super account and is only taxed 15% (as long as your concessional cap is not exceeded). Be aware that concessional caps are changing in the new financial year. 2. After-tax super contributions: you can deposit money directly into your super, but you will not receive a ‘tax break’ on these contributions. 3. Self-employment: if you are self-employed then you are not required to make super contributions to a fund. However, it is worth looking into options such as being able to claim a tax deduction when you contribute to your superannuation and be aware that there is a limit to your contribution.

View full article 3 ways to make the most of your super – HQB Financial Solutions

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