Superannuation

Superannuation is the governments preferred investment vehicle to save for your retirement. You may be far from retiring and you might be wondering why you should start thinking seriously about super so far in advance but it is important to engage with your super as early as possible. It will one day be the main asset most of us will rely on to fund the golden years of retirement.

You may be wondering how much you will need to fund the lifestyle you want. The Association of Superannuation Funds of Australia (ASFA) Retirement Standard, benchmarks the annual budget needed by Australians to fund either a comfortable or modest standard of living in the post work years.

The figures released for the March quarter 2020 show that a couple, looking to achieve a comfortable retirement needs to spend $62,435 a year, whilst singles will need $44,183 a year. Superannuation will help you get there.

As part of your overall financial strategy, you personal adviser can help you develop strategies to make the most tax-effective contributions into super and also advise on investments in your super that are more likely to meet your retirement saving goals.

Prior to retiring there a number of things you can do to improve your position. Once you reach preservation age, an effective transition to retirement (TTR) strategy could add to your balance or even allow you to reduce your hours to allow a change in your lifestyle. For more information, please Contact Us.

Disclaimer: This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, you should consider whether the information is appropriate in light of your particular objectives, financial situation and needs.

Your Adviser may offer you services through Accountcorp Accountants & Advisers which is a separate business.

Although the same Adviser may offer you services under the above businesses, each business is solely and separately responsible for the advice they each provide. In particular, Madison is only responsible for the financial planning services provided by Accountcorp Financial Planning Pty Ltd.