Superannuation
Superannuation isn’t just a savings account, it’s your personal tool to help you enjoy the retirement you want. As Australians are living longer, often well into their 80s and beyond, many of us can expect to spend decades in retirement. Depending solely on the Age Pension is unlikely to sustain your lifestyle, regardless of how modest or generous your plans may be.
By contributing to your super, you’re giving your future self more freedom and security. It’s not just about money, it’s about peace of mind, independence, and the ability to enjoy life on your terms when work is no longer part of your daily routine.
How does superannuation work
Superannuation is money set aside while you are working to help support you in retirement. Most people’s super starts with contributions from their employer, which are paid into a super fund on your behalf. You can also make extra contributions to boost your savings, and in some cases, such as if you are self-employed or topping up your super, these may be tax-deductible.
What your employer does
If you’re entitled to receive super, by law, your employer must pay your superannuation contributions into your fund at least every three months. These contributions, called the Super Guarantee, form the foundation of your retirement savings.
What your super fund does
Your super fund invests the money on your behalf, either in a default investment option or one you choose to match your goals and risk preferences. Fees may apply, including administration, investment, insurance, or adviser fees, so it is worth checking how they impact your balance.
Your role
You play an important part in making your super work for you. Monitoring your balance, reviewing investment options, and ensuring contributions are being made correctly helps your super grow effectively. If you are self-employed, you are responsible for making your own super contributions, which can also be tax-deductible.
How we can help
Professional Money Management can help you understand, grow and manage your superannuation.
We can help you:
- Consolidate your super funds and help you save on fees
- Identify investment options tailored to your goals and risk profile
- Review your concessional and non-concessional contributions to super
- Explore strategies to help boost your superannuation
- Take advantage of the benefits of salary sacrifice
- Review your financial position to identify potential tax efficiencies
- Understand your insurance options within superannuation
- Determine if you have the correct beneficiary nominations in place
- Determine whether a self-managed super fund (SMSF) is right for you.
How to find your lost super?
If you think you may have lost track of your super then you have access to services to help you find your lost accounts.
This service searches the Lost Members Register and other ATO records, such as ATO-held super accounts and unclaimed super money, for your lost super accounts. You can also use the phone service (13 28 65).
You can use the ATO’s myGov service to see details of all your super accounts, including any you have lost track of or forgotten about. You will need to create a myGov account and then link your account to the ATO service.
- Previous employers
Ask your previous employers for the names of the super funds that received contributions on your behalf.
Professional Money Management can help you make the right decisions about your finances. Call us today on (03) 51 433 450.