Superannuation is important because it may turn out to be your only means of financial support in retirement.
A basic retirement versus a great retirement
Would you like to enjoy your future without having to worry about money? Unfortunately many people have a shortfall in their retirement savings.
Super tax advantages
Superannuation is one of the most tax effective ways to save for your future. Contributions are taxed up to 15% which is lower than most marginal tax rates. Tax paid on fund earnings is usually 15% where other investment earnings outside of super can be up to 45%. Where super is taken as a lump sum or converted to a retirement income stream there are further tax concessions.
Investing super wisely
It’s a good idea to understand how your super is invested because you have choices. Many employees can now direct where compulsory contributions are invested and some super funds are portable when you change jobs. Your super should also be invested in line with your personal circumstances, risk profile, performance objectives and investment timeframe.
Consolidate your super
If you have more than one super account, consolidating multiple accounts can save fees and charges and might also generate higher returns.
The right advice
A Bridges financial planner can assess your needs, explain suitable investments and develop appropriate strategies.
1. This is general advice only and does not take into account your objectives, financial situation and needs. Before acting on this advice, you should consult a financial planner.
2. Bridges Financial Services Pty Limited trading as Bridges Personal Investment Services (Bridges). Bridges holds an Australian Financial Services Licence No.240837 issued by the Australian Securities and Investments Commission (ASIC), is an ASX Participant and a Principal Member of the Financial Planning Association of Australia.
3. In referring Members to Bridges, Gateway Credit Union does not accept responsibility for any acts, omissions or advice of Bridges and its authorised representatives.
4. Gateway Credit Union may receive commissions from Bridges, for referring Members who invest through Bridges. See Gateway’s Financial Services Guide.