Will we have enough super when we retire?
To answer the question ‘how much is enough’ depends on a range of factors.
It is only when you understand what level of income is required in retirement to satisfy your desired standard of living that you can begin to answer that question. Other variables include your desired retirement age, your current level of superannuation savings, your current income and ability to fund additional contributions, and what other financial assets and savings can be utilised to supplement your retirement income. You have to know where the finish line is so that you can plan on how to get there!.
As part of our strategic advisory services Banksia Partners can assist you in planning how to successfully ‘run the race’ and cross the finish line as intended.
Superannuation is rapidly taking centre stage as the second biggest financial asset of the average working Australian – after their principal place of residence.
Superannuation remains the best way to accumulate funds for retirement due to the concessional tax treatment of contributions and investment earnings. Superannuation is also the Australian governments preferred retirement savings vehicle as mandated through the ‘superannuation guarantee’ of 9% of salary and wages being directed into super.
It behoves all of us to take an interest in how to maximise the growth of our superannuation in order to secure an adequate standard of living in retirement.
Banksia Partners can assist you to develop a superannuation strategy that’s right for you, we will address key areas such as:
- The type of superannuation fund that is suitable for your circumstances, whether it be a commercial ‘public offer’ fund, an industry based fund, company sponsored superannuation, or a self-managed superannuation fund (SMSF).
- Formulating suitable contribution strategies through a combination of tax-deductible personal, employer sponsored, or ‘salary sacrifice’ contributions, combined with maximising government funded ‘co-contribution’ or ‘spouse’ contribution rebates. We will address whether you should also contribute additional ‘non-concessional’ lump sum contributions.
- The levels of life insurance that are appropriate for your needs and how much life insurance cover should be held within your superannuation fund.
- Help assess and determine a comfortable level of investment ‘risk’ and then balance investments across the various asset sectors appropriately.
- Assist in the selection and ongoing monitoring of the underlying investments options, specific managed funds and securities, or other investments such as ‘real’ property.
Contact us today to make a no obligation appointment and see if we can assist you onto the path toward a worry-free retirement.