In Australia, superannuation, or simply “super,” is not just a savings plan—it’s your ticket to a secure and prosperous retirement. At LIFE Financial Planners, we understand the importance of making informed decisions about your super, which is why we’re here to empower you every step of the way.

Understanding Superannuation 

Superannuation is a long-term savings plan designed to provide for your retirement. It operates on a simple premise: your employer contributes a percentage of your earnings into your super account, which is then invested by your super fund until you retire. These contributions, along with potential investment earnings, form the basis of your retirement income. 

Choosing the Right SuperFund 

Superannuation is more than just a savings account; it’s a long-term investment in your future. Your employer contributes a percentage of your earnings into your super account, which is then invested by your super fund until you retire. These contributions, along with potential investment earnings, form the foundation of your retirement income.  

Types of Superannuation 

In Australia, super funds generally fall into four main categories: retail, industry, public sector, and corporate. Each type of fund has its unique characteristics and target audience:

1. Retail Super Funds: Run by banks or investment companies, retail funds offer various investment options and cater to you regardless of industry and background.
2. Industry Super Funds: These funds are typically run to benefit members within specific industries, such as healthcare or education. They often offer competitive fees and profit-for-member structures.
3. Public Sector Super Funds: Reserved for government employees, public sector funds provide modest investment choices and low fees, with profits reinvested into the fund for the benefit of members.
4. Corporate Super Funds: Arranged by employers for their employees, corporate funds vary in structure and offerings. Larger companies may operate with their own funds, while others may opt for retail or industry fund options.

    

How a Perth Financial Adviser Can Help You

At LIFE Financial Planners, we understand the importance of your recommended superannuation funds—it’s not just another account; it’s your future. With the ever-changing landscape of super in Australia, having experts on your side is crucial. Here’s how we can help: 

1. 1. Track down your lost super. There is over $18 billion worth of lost super in Australia. Some of it may be yours.
2. 2. Choose the right fund for your needs.
3. 3. Tailor an investment strategy for you.
4. 4. Work out how much you need to contribute to your working life to live the retirement you want.
5. 5. Boost your super! We can show you how to make the most of various tax-saving concessions such as salary sacrifice and contribution strategies.
6. 6. Use your super to tax effectively provide for you and your family in the event of misfortune.
7. 7. Ensure your super goes to the right people at the right time in the event of your passing.
8. 8. Stay up to date with legislative changes, so you’re not disadvantaged.

    

At LIFE Financial Planners, we’re committed to helping you take control of your financial future and grow your superannuation benefits. Don’t leave your retirement savings to chance—let us empower you with the full potential of your super. Together, we’ll create a tailored strategy to ensure your super works its hardest for you, paving the way for a secure and prosperous retirement. Contact Marijana or Mei today at (08) 9322 1882 to schedule a consultation in our West Perth office.