Is superannuation, super?
Yes, but it is widely misunderstood…
Media talks about the ‘performance’ of superannuation when Superannuation is simply a very effective vehicle for saving for your retirement. The performance, as such, of superannuation never changes unless the Federal Government tinkers with the way they tax it. What you invest in determines performance and you can choose exactly the same investments within or outside super.
So if you are not happy with the performance of your superannuation it is within your control to fix it and the sooner you do the sooner the decision on whether you want to continue to work will be in your hands!
A good analogy is a car. If I have a Rolls Royce chassis and put a VW motor in it, the performance is determined by the motor not the chassis. In Australia we have a Rolls Royce chassis for superannuation which is the tax structure that your savings will reside in but you get to decide the motor and that is where we come in.
How can RFS Advice help with your superannuation?
Superannuation is going to be one of the biggest assets most Australians will have in retirement. How big that asset is will be reliant on getting good advice and maximising your ability to save while earning an income.
Your adviser should be pro-actively discussing the strategic opportunities you have as you move through the various stages of your life. The last thing you want to see if your balance substantially reduce just as you are about to retire.
These are some of the issues we address with our clients:
- What investment options should I have?
- Should my insurances be paid for by my super and how much insurance should I have?
- How much should I contribute?
- Does your current provider have a strategy for taking advantage of market movements?
- Should I be considering Transition to Retirement strategies?
- Should my asset allocation be different now I am getting closer to retirement?
- Have you changed your strategy as you near retirement to protect your wealth?
- Am I on track to retire when I want to?
- When I retire how can I access secure tax effective income to protect my standard of living?
Don’t wait until you retire to find out that you haven’t done enough!