How much superannuation will you need when you retire?
Superannuation is the pillar of your future, and will support your lifestyle in retirement. The amount of Superannuation you will need for retirement will completely depend on the lifestyle that you desire, so naturally it varies from person to person. Most of the population heading into retirement has no where near enough Super to upkeep their desired lifestyle, this is why Government pensions and policies are implemented - to aid the people who haven’t prepared for retirement.
What can you do to increase the amount of Superannuation you have for retirement?
To help increase the amount of Superannuation needed for retirement, there have been strategies set in place. As for any investment decision, expert advice is strongly advised. The strategies are:
- Increase your personal Superannuation funds
- Gain a tax-effective strategy to increase savings
- To reduce tax, make contributions into your spouse's fund, which will reduce your contributions tax
- Find higher returns on your Super my getting investment advice tailored to you
- Invest in alternate streams by changing the structure of your Superannuation
- Divide your super contributions to your spouses fund to maximise savings
- Use salary sacrifice from your current income to increase savings for your retirement and furthermore reduce the income tax you pay
- Merge all your super from all different accounts into one Superannuation fund to simplify your finances
When should you be thinking about Superannuation Planning?
There is always time to improve your Superannuation, no matter what age you start. One of the most important things to consider when investing is if you are getting the right advice - at Sheffield Financial Advisors, we will give you the proper advice and guidance that will help you prepare for your future & your hard earned retirement.
How much does Superannuation Specialist advice cost?
If the decision is made to go forward with Superannuation Planning, the cost of our expert advice can be simply financed through your superannuation fund, so that means there are no immediate upfront costs. Overall, the total amount will vary for each person, as everyone has different individual situations. We are determined to help every one of our clients to reach their retirement goals.
So contact us today for a quote and we can get you on the road to financial freedom!