Superannuation, also known as “Super” is a government scheme that enforces all workers in Australia to save a portion of their salary for when they retire. If you are between the ages of 18 – 70, employed and earn at least $450 per month, your employer is legally required to make regular superannuation contributions on your behalf equal to 9.5% of your ordinary earnings.
Superannuation contributions must be paid by your employer every 3 months and are an additional payment paid on top of your usual wages. Super contributions benefit from a lower tax rate than your weekly wages.
Superannuation is an important, long term investment as it enables you to live more comfortably upon retirement. As saving enough money to happily retire on takes a lot of time and dedication, the government’s compulsory superannuation scheme helps you save adequate funds in the lead up to your retirement.
Taking out life insurance through your superannuation fund is often very cost effective. Many people do not have enough cash flow to fund life insurance. For this reason, purchasing life insurance through your super is a way of covering yourself without drawing from your wages. Payments are taken directly from your superannuation fund. Purchasing Life insurance through your super fund is usually cheaper and attracts a lower tax rate than your earnings.
Consolidating your superannuation funds has a number of benefits. These include reduced fees and less paperwork as you are only dealing with one fund manager. Simplifying your superannuation into one fund will also help you to find a fund that suits your needs and long term goals.
Lost Super helps you locate your lost, active and inactive superannuation accounts. Did you know the average Australian can have as many as 4 Superannuation accounts? That’s a lot of lost savings and unnecessary fees to pay. As well as helping you locate your lost Super and rolling it into the 1, profitable account we can provide qualified and specialist advice on which Super fund to select. Independently owned and operated, we provide unbiased advice to ensure you enjoy your retirement years.
Lost Super also provides a review service, whereby our expert consultants evaluate the setup of your current fund to determine whether it meets your current needs. If a change in fund or setup is financially advantageous, our consultants can compare funds and find the right one for you. Did you know that our qualified consultants can also assist you to set up a life insurance policy? Life insurance provides your family with financial protection, should you unexpectedly pass.