There are lots of things you can do to make your money work harder and go further – but how do you know what’s right for you?
Getting up close and personal with your super is a great place to start. In many cases, people pay less tax on their super than on their regular income, which makes it a great way to save, and depending on your income and age, there are clever ways to maximise your savings.
For example, if you earn less than $49,488, you may be eligible for the government co-contribution of up to $500; while if you’re over 55, you might be able to consider starting a ‘transition to retirement’ pension, which lets you draw an income from your super.
But – because everyone’s circumstances are different, it pays to make sure you’ve gathered the right information.
Your super fund’s website will have a wealth of information to get you started. And you’ll find magazines, newspaper articles and books offering useful information about super and financial management more generally.
If you need more help, customer service staff at your super fund may be able to provide you with what’s known as ‘general advice’ about super. General advice doesn’t take into account your personal financial situation, and is usually free of charge. It might involve explaining the features and benefits of a product, or talking you through the investment or insurance options available.
Your super fund may also offer what’s known in the industry as ‘scaled advice’. This is personalised advice available on a limited number of topics – for example, superannuation. Some super funds charge for scaled advice – here at StatewideSuper, we offer it as part of our membership, because we know this kind of tailored advice can have a major impact on our members’ balances over time.
If your financial circumstances are more complex, or you want help devising a thorough financial plan of attack for your future, it might be a good idea to speak to a financial planner. A professional financial plan incurs a cost, which is usually based on the complexity of the plan, and your financial planner should tell you their costs up front, so you know what you’re paying before you go ahead.
You’ll probably find that your super fund offers in-house financial planners, or offers access to a financial planning group. If you seek professional advice through your super fund, you may have the advantage of discounted fees and the ability to pay through your super, rather than dipping into your bank account.
Remember, taking an interest in your finances can be a sound investment in your future. The initial expense – whether that be time spent doing research, or fees for professional assistance – may be repaid many times over.
StatewideSuper offers all of these services and more. If you’d like to find out how we can help make your money do more for you, simply call our friendly team on 1300 65 18 65.
The information provided is of a general nature. It does not consider your specific needs nor is it intended to be financial product advice. You should obtain independent financial advice and consider the applicable product disclosure statement before making an investment decision.
Statewide Superannuation Pty Ltd ABN 62 008 099 223 AFSL 243171 trustee and RSE Licensee of Statewide Superannuation Trust ABN 54 145 196 298.
Financial information and advice may be provided by representatives of the Fund’s Administrator and wholly owned company, Statewide Financial Management Services Limited, ABN 69 092 109 209 Australian Financial Services Licence (AFSL) No. 239063 or by authorised representatives of Quadrant First Pty Ltd ABN 78 102 167 877 AFSL No. 284443. Fees may apply for financial planning advice.
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