Looking after your Superannuation
Today’s podcast features our lovely finance expert Alison Greenwood. We chat once a month about wealth creation for individuals and families. Specifically today: Looking after your superannuation.
This topic is so important for mothers. We are usually employed for fewer years than our male counterparts, simply because we take maternity leave. And often, we do not return to the workforce for some years.
So today, Alison explains the importance of looking after your long-term financial future. In Australia, “superannuation” is a concessional tax structure to help you save for your retirement.
Please note this advice is for Australian residents. Also, the figures quoted are relevant for the 2018-2019 financial year. However, the basic principles still hold true.
Some Takeaways to Help You with Looking After Your Superannuation
- People forget to save to set themselves up for retirement. When you are in your 20’s and 30’s you think retirement will never come! But it does. And the sooner you get ready, the better off you will be.
- Often they don’t think about it until they are in their 40s. Then they discover the muc better option would have been to think about it at the start of your working life. Don’t be one of those!
- It’s better ensure your superannuation is all in one fund. You can then set this fund up for your situation. too many people have multiple super funds.
- In a super fund, there is only 15% tax is charged, which is quite a huge saving on the usual taxation amounts. It’s an incentive the government has deliberately put in place to encourage you to save more.
- Looking after your superannuation means you will be better off in the long run.