Engage your superannuation

David McArthur and Daniel Cundy.

David McArthur and Daniel Cundy.

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If you are an employee who receives more than $450 a month in wages from gainful employment, you should be in receipt of a superannuation guarantee payment of 9.5 per cent of your wages.

This payment is then directed towards a superannuation fund for your retirement benefit, and you then become a member of this particular superannuation fund.

Under current regulatory requirements, superannuation benefits are not able to be accessed until you have met a condition of release.

A common type of condition of release is you reaching what is called your preservation age and electing to not return to the workforce.

For members born after 1960, the preservation age is 60. Superannuation is not an investment in itself.

It is a tax effective means via which through either employer contributions or contributions of your own you are able to accumulate wealth for retirement purposes.

Within your superannuation fund you can gain exposure to each of the key asset classes available in the market place such as Australian shares, international shares, listed property, fixed interest and cash.

The entitlement you accrue within superannuation over your working life can be significantly impacted by the fees incurred on your benefits and the returns generated.

If you have changed jobs over the course of your working career and have multiple superannuation policies, your retirement benefits could potentially be being eroded unnecessarily due to additional costs.

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Key questions you should be asking yourself regarding your superannuation are as follows:

  • Is my superannuation invested in a manner tailored specifically to suit my comfort and my circumstances?
  • Are the fees applicable to my superannuation benefit competitive?
  • Do I have multiple superannuation funds that could be consolidated?
  • Have I checked to see if I have any Lost Superannuation that is being held with the Australian Tax Office?
  • Are my (life, total & permanent disablement, income protection) insurance needs - and that of my family - covered within my superannuation fund?

RSM Financial Services Australia Pty Ltd, are the professionals when it comes to matters of personal financial advice.

We help everyday Australians address their superannuation, wealth accumulation, insurance and estate planning objectives.

In the process of living our everyday lives, finding the time to address these matters can become extremely difficult to do.

However, the consequences of not having these key elements met can have a significant impact on your financial lifestyle and quality of life.

To find out more about our simple, transparent financial advice process, please contact the friendly team at RSM Financial Services.

  • RSM Financial Services Australia Pty Ltd (AFSL No 238282)
  • 08 8682 2077
  • 9-11 Mortlock Terrace, Port Lincoln SA 5606
  • David McArthur - david.mcarthur@rsm.com.au
  • Daniel Cundy - daniel.cundy@rsm.com.au

This article has been prepared by RSM Financial Services Australia Pty Ltd ABN 22 009 176 354, AFS Licence No. 238282.

This article does not take into account your individual objectives, financial situation or needs.

You should assess whether the information is appropriate for you and consider talking to a financial adviser before making an investment decision.