Superannuation Advice
Super is one of the biggest investments you’ll make in your lifetime. We help you do it right.
“I really appreciated the support and help from the team at Wealth Seekers. Adrian explained things really well and went out of his way to help my situation. I felt confident that Wealth Seekers would help me sort out my superannuation and insurances and they did, consulting with me all the way.” – Jodie Crump
Superannuation Advice
Super is one of the biggest investments you’ll make in your lifetime. We help you do it right.
“I really appreciated the support and help from the team at Wealth Seekers. Adrian explained things really well and went out of his way to help my situation. I felt confident that Wealth Seekers would help me sort out my superannuation and insurances and they did, consulting with me all the way.” – Jodie Crump
Maximise your superannuation fund and secure a strong financial future.
Making small changes and contributions to your superannuation can make a significant difference to the wealth you have available when you retire. Financial improvements are compounded over time, so the earlier you get your superannuation right, the more you have to gain.
But that doesn’t mean you should write your superannuation off if you’re already well into your working career. In fact, you should make the most of your time remaining in the workforce by getting strategies in place to improve how your superannuation is performing.
Did you know Australians are paying $2.6 billion extra a year because of the number of individuals who have multiple Superannuation funds – doubling the cost they are paying in fees and insurance.
With superannuation being the most tax effective method of investing in Australia. Understanding how you can use your super, both before and after retirement, can have a significant impact on your overall wealth plan.
How well do you know…
Your Superannuation?
Take the quiz and find out what your “Super Score” is…
How well is your Superannuation performing? It’s up to you to make the most of your super during your working years. Take our Super Scorecard Quiz to learn how well you understand your Superannuation.
As financial advice and wealth management experts, our team is here to provide you with superannuation advice and services that will help you to make the most of this important component of your financial plan.
Maximise your superannuation fund and secure a strong financial future.
Making small changes and contributions to your superannuation can make a significant difference to the wealth you have available when you retire. Financial improvements are compounded over time, so the earlier you get your superannuation right, the more you have to gain.
But that doesn’t mean you should write your superannuation off if you’re already well into your working career. In fact, you should make the most of your time remaining in the workforce by getting strategies in place to improve how your superannuation is performing.
Did you know Australians are paying $2.6 billion extra a year because of the number of individuals who have multiple Superannuation funds – doubling the cost they are paying in fees and insurance.
With superannuation being the most tax effective method of investing in Australia. Understanding how you can use your super, both before and after retirement, can have a significant impact on your overall wealth plan.
How well do you know your superannuation?
Take the quiz and find out what your “Super Score” is…
How well is your Superannuation performing? It’s up to you to make the most of your super during your working years. Take our Super Scorecard Quiz to learn how well you understand your Superannuation.
As financial advice and wealth management experts, our team is here to provide you with superannuation advice and services that will help you to make the most of this important component of your financial plan.
Ways you can boost your Superannuation savings and performance
Have a plan for your Superannuation
Thinking about boosting your superannuation savings doesn’t mean that you have to make radical changes to your life or lifestyle. The earlier you start thinking about your retirement plans the less likely that you will have to make any significant changes to your current lifestyle.
Set your retirement date (even if you change it later)
This can be a big motivator for getting your retirement plans in order. You have a timeline target, which can help drive your strategies for boosting your super, or for working out whether your retirement date is too early, or not early enough! Setting a retirement date also helps you work out your savings target for your retirement, and for how many years your money needs to last after you finish working.
Understand why Superannuation is a power investment vehicle
There are 3 main reasons why superannuation is the most popular retirement savings vehicle, and consequently usually accumulates retirement savings faster than non-superannuation vehicles, these are:
Long-term investment earnings
You cannot access your super account until you reach a certain age which means your super savings are accumulating and compounding over a long period of time, assuming, of course, that your super fund is delivering strong long-term returns. Do you know your super fund’s investment performance over 1 year, 3 years, 5, 7 or 10 years?
Super contributions
Your employer is required to contribute the equivalent of 9.5% of your earnings to your super fund each year, and this percentage will eventually increase to 12% by 2025. You can also take advantage of tax concessions if you choose to make voluntary super contributions.
Lower taxes
The Australian government rewards you with incentives if you save for your retirement using a superannuation account. The general deal is that you must keep your super benefits in your super fund until you retire, and in return your super account pays a maximum tax rate of 15% on fund earnings. Super contributions are taxed at 15% (and for very high-income earners, 30% tax), which makes voluntary super contributions attractive for anyone paying more than 15% in income tax. When you retire after the age of 60, your lump sum payment and/or pension income is tax-free.
Calculate what you are paying in fees
Every superannuation fund deducts fees for running the fund. The fees may be administration fees, investment management fees, adviser fees, and even withdrawal fees (when you take money out of certain super funds). Other charges against your super fund account include insurance premiums and taxes. See the video on ‘Superannuation Fees Explained’ below.
Consolidate your Superannuation accounts
Having two or more super accounts from different workplaces means you’re paying two or more sets of annual fees. With 30 million member accounts and only around 8 million Australians aged between 20 and 80, there’s definitely some duplication there. So instead of your employer contributing to a new fund every time you change jobs, consolidate your super accounts into one fund you’re happy with.
Explore your investment options
If you’re unhappy with the investment performance that your super fund delivers, or you’re unhappy with the fees that your super fund charges, you don’t always have to change super funds to solve the issue. If you haven’t actively chosen where your super money is invested, your super money will automatically go into a default investment option.
Change Superannuation funds, if necessary
You may not have actively chosen your current super fund, it may have been the default option you select with your current or previous employer. Choosing a super fund that delivers decent long-term investment returns and charges competitive fees can substantially boost your final retirement benefit with very little disruption to your current lifestyle.
Changing superannuation funds can be a bit of a hassle, but if you’re not happy with your super fund and you can find a super fund that delivers you better long-term performance than your current super fund (and you believe the alternative fund’s past performance is going to continue in the future), and this alternative super fund charges reasonable fees, and also offers cost-effective life insurance, then changing super funds may be a worthwhile option.
Consider making additional contributions
You can make two types of super contributions – concessional (before-tax) contributions and non-concessional (after-tax) contributions.
Concessional (before-tax) superannuation contributions include employer’s compulsory contributions (Superannuation Guarantee), additional employer contributions (if applicable), salary sacrificed contributions, and personal tax-deductible contributions. This type of super contribution is subject to an annual cap.
Non-concessional (after-tax) superannuation contributions are when you make a super contribution from after-tax dollars. The annual cap for non-concessional (after-tax) contributions dropped to $100,000 from the 2017/2018 year. Note, that if you’re under the age of 65, then it is possible to make up to 3 years’ worth of non-concessional contributions in one year ($300,000 from the 2017/2018 year), using the bring-forward rule.
Check if you’re eligible for a co-contribution
The federal government is giving away money to anyone who makes a non-concessional (after-tax) contribution to their super fund, and who earns less than $51,813 for the 2017/2018 year. The tax-free giveaway is officially called the co-contribution scheme, and involves the federal government giving you a tax-free co-contribution when you make a non-concessional contribution, and you satisfy certain conditions. That’s tax-free money and effectively free money of up to $500 a year (although half of what it used to be) so why not check out if you’re eligible.
Use the available tax advantages to your benefit
If it were not for taxation, superannuation would not exist. You would simply invest in your own name. Superannuation is taxed at lower rates to encourage people to lock their money away for retirement. You can save thousands of dollars in tax, and increases your retirement savings by tens of thousands of dollars by knowing your way around super’s tax incentives, such as:
- When you or your employer make super contributions, but watch out for the dreaded excess contributions tax (although you can now withdraw excess contributions)
- When your super fund makes money on investments on your behalf
- When your super fund pays you a pension or a lump sum
- If you die, and your family inherit your super benefits
“Knowledgeable, professional and very patient. I found Adrian super helpful in helping me to understand the different areas of my super, and what options were available to me and the tax implications. The team as a whole were easy to work with and I felt they took their time to explain everything and go the extra mile to help.” – Jenna Steward
Ways you can boost your Superannuation savings and performance
Have a plan for your Superannuation
Thinking about boosting your superannuation savings doesn’t mean that you have to make radical changes to your life or lifestyle. The earlier you start thinking about your retirement plans the less likely that you will have to make any significant changes to your current lifestyle.
Set your retirement date (even if you change it later)
This can be a big motivator for getting your retirement plans in order. You have a timeline target, which can help drive your strategies for boosting your super, or for working out whether your retirement date is too early, or not early enough! Setting a retirement date also helps you work out your savings target for your retirement, and for how many years your money needs to last after you finish working.
Understand why Superannuation is a power investment vehicle
There are 3 main reasons why superannuation is the most popular retirement savings vehicle, and consequently usually accumulates retirement savings faster than non-superannuation vehicles, these are:
Long-term investment earnings
You cannot access your super account until you reach a certain age which means your super savings are accumulating and compounding over a long period of time, assuming, of course, that your super fund is delivering strong long-term returns. Do you know your super fund’s investment performance over 1 year, 3 years, 5, 7 or 10 years?
Super contributions
Your employer is required to contribute the equivalent of 9.5% of your earnings to your super fund each year, and this percentage will eventually increase to 12% by 2025. You can also take advantage of tax concessions if you choose to make voluntary super contributions.
Lower taxes
The Australian government rewards you with incentives if you save for your retirement using a superannuation account. The general deal is that you must keep your super benefits in your super fund until you retire, and in return your super account pays a maximum tax rate of 15% on fund earnings. Super contributions are taxed at 15% (and for very high-income earners, 30% tax), which makes voluntary super contributions attractive for anyone paying more than 15% in income tax. When you retire after the age of 60, your lump sum payment and/or pension income is tax-free.
Calculate what you are paying in fees
Every superannuation fund deducts fees for running the fund. The fees may be administration fees, investment management fees, adviser fees, and even withdrawal fees (when you take money out of certain super funds). Other charges against your super fund account include insurance premiums and taxes. See the video on ‘Superannuation Fees Explained’ below.
Consolidate your Superannuation accounts
Having two or more super accounts from different workplaces means you’re paying two or more sets of annual fees. With 30 million member accounts and only around 8 million Australians aged between 20 and 80, there’s definitely some duplication there. So instead of your employer contributing to a new fund every time you change jobs, consolidate your super accounts into one fund you’re happy with.
Explore your investment options
If you’re unhappy with the investment performance that your super fund delivers, or you’re unhappy with the fees that your super fund charges, you don’t always have to change super funds to solve the issue. If you haven’t actively chosen where your super money is invested, your super money will automatically go into a default investment option.
Change Superannuation funds, if necessary
You may not have actively chosen your current super fund, it may have been the default option you select with your current or previous employer. Choosing a super fund that delivers decent long-term investment returns and charges competitive fees can substantially boost your final retirement benefit with very little disruption to your current lifestyle.
Changing superannuation funds can be a bit of a hassle, but if you’re not happy with your super fund and you can find a super fund that delivers you better long-term performance than your current super fund (and you believe the alternative fund’s past performance is going to continue in the future), and this alternative super fund charges reasonable fees, and also offers cost-effective life insurance, then changing super funds may be a worthwhile option.
Consider making additional contributions
You can make two types of super contributions – concessional (before-tax) contributions and non-concessional (after-tax) contributions.
Concessional (before-tax) superannuation contributions include employer’s compulsory contributions (Superannuation Guarantee), additional employer contributions (if applicable), salary sacrificed contributions, and personal tax-deductible contributions. This type of super contribution is subject to an annual cap.
Non-concessional (after-tax) superannuation contributions are when you make a super contribution from after-tax dollars. The annual cap for non-concessional (after-tax) contributions dropped to $100,000 from the 2017/2018 year. Note, that if you’re under the age of 65, then it is possible to make up to 3 years’ worth of non-concessional contributions in one year ($300,000 from the 2017/2018 year), using the bring-forward rule.
Check if you’re eligible for a co-contribution
The federal government is giving away money to anyone who makes a non-concessional (after-tax) contribution to their super fund, and who earns less than $51,813 for the 2017/2018 year. The tax-free giveaway is officially called the co-contribution scheme, and involves the federal government giving you a tax-free co-contribution when you make a non-concessional contribution, and you satisfy certain conditions. That’s tax-free money and effectively free money of up to $500 a year (although half of what it used to be) so why not check out if you’re eligible.
Use the available tax advantages to your benefit
If it were not for taxation, superannuation would not exist. You would simply invest in your own name. Superannuation is taxed at lower rates to encourage people to lock their money away for retirement. You can save thousands of dollars in tax, and increases your retirement savings by tens of thousands of dollars by knowing your way around super’s tax incentives, such as:
- When you or your employer make super contributions, but watch out for the dreaded excess contributions tax (although you can now withdraw excess contributions)
- When your super fund makes money on investments on your behalf
- When your super fund pays you a pension or a lump sum
- If you die, and your family inherit your super benefits
“Knowledgeable, professional and very patient. I found Adrian super helpful in helping me to understand the different areas of my super, and what options were available to me and the tax implications. The team as a whole were easy to work with and I felt they took their time to explain everything and go the extra mile to help.” – Jenna Steward
Do you know what your Superannuation fund is costing you?
Do your research and know what your Superannuation fund is charging you.
All super funds charge fees and costs, though some less than others. Check your annual statement to see what you’re paying for. Make sure you are happy with what you are paying. If you are not happy or unsure about any fee, it may be time to seek out more personalised advice.
Generally, exploring available superannuation options, or simply reviewing the performance and fees associated with your current superannuation fund is not always made easy by Superannuation providers.
Luckily, your team of expert financial advisors are here to make the process as straightforward and stress-free as possible. Let us know how we can help…
Do you know what your Superannuation fund is costing you?
Do your research and know what your Superannuation fund is charging you.
All super funds charge fees and costs, though some less than others. Check your annual statement to see what you’re paying for. Make sure you are happy with what you are paying. If you are not happy or unsure about any fee, it may be time to seek out more personalised advice.
Generally, exploring available superannuation options, or simply reviewing the performance and fees associated with your current superannuation fund is not always made easy by Superannuation providers.
Luckily, your team of expert financial advisors are here to make the process as straightforward and stress-free as possible. Let us know how we can help…
The Benefits Of Our Superannuation Process
It’s easy to see your super fund as just another compulsory payment made by your employer. Or maybe you didn’t even realise this payment was being made on your behalf. In reality, your super plays a crucial role in helping you to create your dream financial future.
Your team of financial advisors can help you:
- Understand your super fund and how it can benefit you
- Find any lost super you may have
- Set up a self-managed super fund (SMSF)
- Consolidate your super into one account
- Review your existing fund and find a new one if necessary
- Improve your fund performance
- Secure your financial future
At Wealth Seekers, we aim to empower you to walk your financial journey with the confidence that comes from knowing your financial future is secure.
Super forms a fundamental aspect of your overall financial plan, one that will help you to create your dream retirement.
Don’t let a lack of attention to your super prevent you from reaching your short, medium and long-term financial goals.
The Benefits Of Our Superannuation Process
It’s easy to see your super fund as just another compulsory payment made by your employer. Or maybe you didn’t even realise this payment was being made on your behalf. In reality, your super plays a crucial role in helping you to create your dream financial future.
Your team of financial advisors can help you:
- Understand your super fund and how it can benefit you
- Find any lost super you may have
- Set up a self-managed super fund (SMSF)
- Consolidate your super into one account
- Review your existing fund and find a new one if necessary
- Improve your fund performance
- Secure your financial future
At Wealth Seekers, we aim to empower you to walk your financial journey with the confidence that comes from knowing your financial future is secure.
Super forms a fundamental aspect of your overall financial plan, one that will help you to create your dream retirement.
Don’t let a lack of attention to your super prevent you from reaching your short, medium and long-term financial goals.
Want to get your superannuation sorted and wondering what to do next?
Book your free appointment
Your team of professional financial advisors specialise in ensuring your super is positioned to help you create your dream financial future. We’re always in your corner, so you won’t have to go another minute with your questions unanswered.
If you are looking for superannuation services in Brisbane, our financial advisors can help you track and stay on top of your funds.
Get in touch today to clean up your superannuation and ensure your financial future is secure.
“We were provided with a great plan and all our questions answered in a way we could understand. The team gave us a lot of confidence and now we wouldn’t trust our finances to anyone else.” – Brendan Furlong
Want to get your superannuation sorted and wondering what to do next?
Book your free appointment
Your team of professional financial advisors specialise in ensuring your super is positioned to help you create your dream financial future. We’re always in your corner, so you won’t have to go another minute with your questions unanswered.
If you are looking for superannuation services in Brisbane, our financial advisors can help you track and stay on top of your funds.
Get in touch today to clean up your superannuation and ensure your financial future is secure.
“We were provided with a great plan and all our questions answered in a way we could understand. The team gave us a lot of confidence and now we wouldn’t trust our finances to anyone else.” – Brendan Furlong
Want to know more about…
Self-Managed Superannuation Funds (SMSF)
A self-managed super fund, or SMSF, is an excellent option for those wanting greater control over their super fund. Our team of financial advisors can help you determine whether an SMSF is the right option for you.
Want to know more about…
Self-Managed Superannuation Funds (SMSF)
A self-managed super fund, or SMSF, is an excellent option for those wanting greater control over their super fund. Our team of financial advisors can help you determine whether an SMSF is the right option for you.
With you every step of the way to help you navigate the world of superannuation.
We understand finding the right super fund for you can be a challenge.
