Superannuation basics: a financial adviser's guide to sorting your retirement out
Jun 13, 2024
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Financial advisers Alex Luck and Daisy Magor from Everest Wealth discuss superannuation basics, investing inside vs outside of super, using super calculators, comparing super funds, the value of financial advice, and more. They emphasize the importance of aligning investment decisions with personal goals, caution against relying solely on projected superannuation amounts for retirement planning, and provide strategies for growing super balances.
Investing in higher growth options within super can significantly impact long-term returns.
Analyzing and comparing superannuation fees is crucial for optimizing returns and minimizing costs.
Deep dives
Understanding the Importance of Superannuation and Retirement Planning
Superannuation forms a critical part of retirement planning, serving as a substantial asset for individuals over time. The government introduced superannuation to help self-fund retirement, recognizing the challenges posed by relying solely on pensions. It is essential to consider superannuation as a means to provide financial security and choices in retirement, enabling individuals to maintain their lifestyle and cover expenses effectively.
Optimizing Superannuation Growth Through Strategic Investment Choices
Maximizing superannuation growth involves making informed investment decisions aligned with one's goals and risk tolerance. Individuals should consider investing in higher growth options, especially when the investment timeframe spans decades. Selecting an appropriate investment strategy within superannuation funds can significantly impact long-term returns, potentially increasing the retirement balance substantially.
Evaluating Superannuation Fees and Investment Options for Enhanced Returns
Analyzing and comparing superannuation fees is crucial for optimizing returns and minimizing costs. Understanding the various fee structures within super funds can help individuals make cost-effective choices. Additionally, exploring the investment options available in super funds, especially considering growth-focused portfolios, can further enhance potential returns over the long term.
Taking Proactive Steps to Grow Superannuation Balances
Individuals can proactively grow their superannuation balances by making additional contributions and opting for various contribution strategies. Options such as salary sacrifice, personal contributions, and non-concessional contributions offer avenues to boost super balances. By strategically contributing to super and focusing on minimizing fees while optimizing investments, individuals can work towards a more financially secure retirement.
Kate Campbell chats with financial advisers from Everest Wealth, Alex Luck and Daisy Magor, about what may end up being our biggest asset: our superannuation.
They chat about investing inside vs outside of super, using super calculators, comparing super funds and making the switch, the value of financial advice and much more.
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