Category: Superannuation

Factors Affecting Retirement Income from Super Several factors influence how much retirement income you can generate from your super. Here’s a breakdown of the key ones: Estimating Your Retirement Income While predicting the exact amount of retirement income you’ll receive is impossible due to market fluctuations and individual circumstances, you can estimate it using a…

Reaching the Threshold: Preservation Age The Australian government dictates a minimum age, known as the preservation age, before you can access your super for retirement purposes. This age varies depending on your date of birth: Unlocking Your Super: Lump Sum or Income Stream? Once you’ve reached your preservation age, you have two primary choices for…

Building the Nest Egg: Contributions and Investment Super contributions come from two main sources: your employer and yourself (voluntary contributions). Your employer is legally obligated to contribute a minimum percentage of your salary (currently 9.5%, rising to 12% by 2025) into your nominated super fund. These contributions are tax-deductible for your employer, making super a…

The Regulatory Landscape: A Shared Responsibility Superannuation regulation in Australia is a two-pronged approach, with the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) sharing primary responsibilities. Key Areas of Government Regulation Recent Regulatory Reforms The superannuation regulatory landscape is constantly evolving. In response to inquiries like the Financial Services…

MySuper is an Australian government initiative designed to streamline and simplify how Australians choose their superannuation (super) fund. It is a digital service that allows individuals to compare different super funds, make informed decisions about their super, and easily switch funds if desired. Key features of a MySuper account: Feature Description Comparison tool MySuper provides…

Your superannuation fund plays a crucial role in your long-term financial security. It’s essential to ensure your personal details within the fund are accurate and up-to-date. This includes information like your name, address, phone number, and email address. Outdated information can lead to missed communications, contribution disruptions, and even difficulties accessing your super upon retirement.…

In the realm of financial planning, particularly concerning estate planning and superannuation funds, the concept of a Binding Death Benefit Nomination (BDBN) holds paramount importance. In essence, a BDBN is a legal document that allows a member of a superannuation fund to specify who will receive their death benefits in the event of their passing.…

Why Nominate Beneficiaries for Your Super? Superannuation operates differently from your regular assets. Unlike your house or car, super is held in trust for you by your super fund’s trustee. Your will, which dictates the distribution of your estate (possessions), doesn’t automatically control who receives your super. Here’s why nominating beneficiaries is vital: Who Can…

Changing jobs is an exciting time, but it can also raise questions about your financial well-being. One key concern is the fate of your superannuation – the nest egg you’re building for retirement. Here’s a breakdown of what happens to your super when you switch employers and the options available to you. Stapled Funds and…

Understanding Investment Options Superannuation funds typically provide a range of pre-mixed investment options catering to different risk profiles. These options vary in their asset allocation, which is the proportion of your super invested in different asset classes like shares (Australian and international), property, fixed interest (bonds), and cash. Factors to Consider Before Switching Deciding to…