Superannuation

Your superannuation is an extremely important investment because it is likely to be your main source of income in retirement. Also, it is the most tax-effective way to save for retirement so it pays to look after it.

A basic retirement versus a great retirement

Would you like to enjoy your retirement without worrying about money? Of course you would but unfortunately most people have a huge shortfall in their retirement savings.

In 2015/16 the average Australian’s superannuation balance at retirement was just $270,710 for men and $157,050 for women1 – not much considering a comfortable retirement can cost $44,011pa for a single person and $60,457pa for a couple2.

Your employer’s compulsory 9.5% superannuation guarantee contributions are unlikely to give you a comfortable retirement. But, if you start contributing more to your super now you can make more of your retirement later.

Super tax advantages

Superannuation is the most tax-effective way to save for your future. Your contributions are taxed at only 15% which is much lower than most peoples’ marginal tax rates.

How a financial planner can help you

A financial planner can help you:

  • choose an appropriate super fund with the features you need
  • select the appropriate investment mix depending on your risk profile and investment time frame
  • boost your super by making the most of the contributions limits, tax-benefits and government incentives
  • transition your super to a pension once you retire.

For more information on super view the ‘Getting to know your super’ online video

To make an appointment with a Bridges financial planner visit your local branch of Family First Credit Union and speak to one of our friendly Member Service Officers, or call us on 1300 369 900.

1 ASFA superannuation account balances by age and gender – October 2017

2 ASFA Retirement Standard – September 2017

Bridges Financial Services Pty Limited (Bridges). ABN 60 003 474 977. ASX participant. AFSL 240837. Part of the IOOF group.

This is general advice only and has been prepared without taking into account your particular objectives, financial situation and needs. Before making an investment decision based on this information, you should assess your own circumstances or consult a financial planner. In referring customers to Bridges, Family First Credit Union Limited does not accept liability or responsibility for any act or omission or advice provided by Bridges or its authorised representatives.

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