Superannuation is arguably the most tax-effective method of funding your retirement –A lack of awareness and education around superannuation is what we see as one of the biggest financial problems in Australia.
At Pride Advice, we see it as a mission of ours to make our clients some of the best informed citizens on superannuation in the country.
There is no doubt that there’s huge potential with superannuation, but it is a complex beast.
If you want to take full advantage of tax benefits, you need the right superannuation advice. Here’s a snippet of what’s out there.
Pre-tax contributions could save around 20% in tax
Government co-contribution – up to $500 per year.
Up to %540 of spousal contributions.
Catch-up concessional contribution – up to $100,000 per couple.
The Downsizer contribution option – up to $600,000 per couple.
Small business one-off contribution – up to $1.48 million.
These are all opportunities. Opportunities that can transform your life after retirement. Knowing that they exist is the first step; acting on them is something else. The most effective way of doing this is seeking professional superannuation advice, a specialty of Pride Advice’s team.
These, of course, are just a taste. We haven’t even taken into account investment options, including geared investments, which over the long term can make an enormous difference to the size of your super.
Avoid the pitfalls with the right superannuation advice
We can also help with the pitfalls. For instance, in Australia, life insurance is typically included in your super. However, if you have more than one super fund, you may be paying more than one premium. This is not an insignificant issue. On average, people lose $16,000 off their super balance at retirement due to duplicate premiums. And the answer isn’t always as simple as consolidating your super into one fund. With Pride Advice at your side, you’ll have the solutions that help you avoid the traps and take advantage of what’s out there.
It’s never too early
If there’s one thing we want you to take away from this short introduction to superannuation advice, it’s that it is never too early. The problem with retirement is that, for most of us, it’s in the future. And the future is always tomorrow. We implore you not to wait.
The sooner you start taking advantage of all there is on offer, the better off you’ll be later on in life regarding not only your finances, but your mental and emotional wellbeing.