A super account is there to provide people with an income after they retire and may provide a tax-effective way to save over the long term. In time, the amount saved can actually become a large asset. However, people usually tend to forget about the super’s importance.
1. Who pays into your super account?
In general, you put part of the money you earn into your super, or your employer adds to it under a work guarantee if you are eligible. Throughout your working life, your savings increase. accountants in Brisbane recommend making voluntary contributions to your super to boost retirement savings if you have extra money set aside.
2. Where your super account invests
Whenever money is deposited into your financial account, the trustee of your super fund invests it in cash deposits, shares, property, or other assets, depending upon your investment profile or your choice. Luckily, most funds allow you to choose from a variety of investment options and asset classes.
3. What your employer is paying you
If you are eligible for guaranteed contributions made by your employer, you should be paid at least 10% of your standard earnings, without overtime. To check whether or not your employer pays these contributions correctly, you can review your payslips, check your super statements, call your super fund, or log into your online account. Alternatively, ask your accountant or financial planner to do it for you.
4. How to find a lost or unclaimed super
At last count, over $13 billion lost or unclaimed supers were out there across Australia. How does this happen? Simply by forgetting to roll over savings accumulated from an old to a new super fund or by forgetting to update provider details when they change. To search for a lost super, you can ask your current fund or log into your MyGov account.
5. When can you access your super
The general rules set by the government apply when it comes to when you can access your super. Typically, you won’t be allowed to do so until you reach your preservation age (between 55 and 60) and meet the release conditions. Once this time comes, you can opt to get your money as a lump sum, pension, or a mix of both.
6. When can’t you contribute to super
Every professional accountant emphasizes knowing you can’t make voluntary contributions to your super after turning 75 unless you sell your home and make a downsizer contribution. But, obligatory SG contributions can still be paid by your employer if you continue working.
The bottom line is that the choices you make regarding your super today can have a huge impact on your quality of life after retirement. Hence, ensure you make smart and informed decisions by contacting the best financial assistance provider in Brisbane – Syndeo Group.