Unique Retirement Plan

If you want to enjoy and have a comfortable retirement, why not spend some time learning more about superannuation? Starting now, take few steps to boost your super. This will surely make a huge difference to your lifestyle in future. Superannuation is an excellent way to save for your retirement. The money comes from the contributions payed by your employer and the co-contributions. Your employer must pay 9.25% of your salary into your SMSF (based on your regular earnings including commissions, bonuses, allowances). This is called a Super Guarantee, which will by 2019 be 12%.

SMSF

The money invested in your SMSF will grow with time and ensure worry-free retirement. Therefore, self managed super funds or simply known as SMSF, are worthy investments which offer you many benefits. In order to start saving for your retirement, you need to consult with a professional financial adviser who can explain all related to an SMSF and will implement proper retirement plan that will guide you through the whole self managed super funds process and at the same time increase your savings and improve your lifestyle.

Everyone can choose which super fund to invest the money in and how will it be managed. If you choose to manage your SMSF on your own, make sure you fill out a form from the ATO (Australian Taxation Office). In some cases, the employer is the one who will decide about the super fund. In case you cannot or do not choose your own SMSF, your employer will put the money into a fund that is nominated under an industrial award by your employer or simply said, the money will be added into a default super fund. Aside from the usual contributions, you can make an extra contributions by putting some of the savings into a super account, by transferring the super from another fund into your own super account or you can ask your employer to deduct some extra money from your pay and put them into your super account.

But what happens to your super money once invested in a SMSF? Almost all self managed super funds offer many investment options and you can choose how you’d like your money to be invested. However, you can always transfer your money in a different investment option within the fund or transfer your money at any time in another super fund. Once you retire, you can withdraw your super as a lump sum, a retirement income steam or as a combination of both.

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