Planning your retirement isn’t a set and forget activity. Stay involved to stay on track.
Check your super
If you have superannuation, it may be an important part of your income in retirement.
Small things you do now can make a difference to your super balance later.
– Find your lost super
There’s over $18.9 billion in lost and unclaimed super in Australia. A quick check could uncover money that belongs to you.
– Check your super account basics
Make sure your contributions, fees, insurance and details are correct. A quick review can keep your super on track.
– Consider bringing your super accounts together
Having more than one account can mean paying more than one set of fees. Combining them could save money and make your super easier to manage. Before you combine super accounts though, it’s important to check whether you might lose any insurance cover, and whether there will be any tax implications.
– Review your super investment options
Your super fund most probably offers a number of different investment choices. Check if your current choice still matches your goals and how much risk you’re comfortable with.
– Think about adding extra to your super
Adding a little more can grow your balance faster – and may even lower your tax. There are several ways you can put extra money into your super account, if that’s the right choice for you.
Tackle your debt
Many people retire still owing money on their mortgage or other assets like their car. If you’re approaching retirement you can take steps to get debt under control.
If you still have debts when you reach retirement age, you could choose to pay off the debts using:
- your superannuation
- other savings
- other money, such as proceeds from downsizing your home
Before going ahead with any of these options, check the tax impact and whether it will affect your government benefits.
Consider getting in touch to help you understand your options.
Check that you’re covered
From estate planning to insurance, it’s important to check that you have the right protection in place, to look after what you have.
Be alert to investment scams
Be suspicious of anyone offering you easy money. Scammers are skilled at convincing you that the investment is real, the returns are high and the risks are low. There’s always a catch.
IMPORTANT: High-pressure sales tactics are putting your super savings at risk. Be on red alert for phone calls, click bait advertising and promises of unrealistic returns to encourage you to put your super into risky investments. Stop, think carefully, and check the claims first.
Ready to plan?
Get in touch today so we can start looking at the options that are right for you.
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Wealthness Pty Ltd ABN 13 231 248 112 [t/a Better Financial Planning Australia] is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL No. 236523. It is important to be aware that Better Financial Planning Australia is not authorised by Infocus to provide advice relating to credit services or property advice. Infocus is not responsible for any advice outside of the scope of this authorisation and should you wish to act on any of this general information, please first seek professional financial advice.
Wealthness Pty Ltd t/as Better Financial Planning Australia will endeavour to update the website as needed. However, information can change without notice and Wealthness Pty Ltd t/as Better Financial Planning Australia does not guarantee the accuracy of information on the website, including information provided by third parties, at any time.
This information is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. Infocus Securities Australia Pty Ltd strongly suggests that no person should act specifically on the basis of the information contained herein but should seek appropriate professional advice based upon their own personal circumstances. Although we consider the sources for this material reliable, no warranty is given and no liability is accepted for any statement or opinion or for any error or omission.
Wealthness Pty Ltd t/as Better Financial Planning Australia does not give any warranty as to the accuracy, reliability or completeness of information which is contained in this website. Except insofar as any liability under statute cannot be excluded, Wealthness Pty Ltd t/as Better Financial Planning Australia and its employees do not accept any liability for any error or omission on this website or for any resulting loss or damage suffered by the recipient or any other person.
Wealthness Pty Ltd (ACN 613 313 250) [t/a Better Financial Planning Australia] Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL Licence No. 236523.
Source: ASIC MoneySmart
