Our financial planners would like to address some of the questions they have been asked about superannuation funds in our Perth office. One of the more common questions we get is “What can I do to boost my super?” While we can’t give specific financial advice on a blog, we can provide a few tips and techniques that may help you boost your super.
Have You Set a Retirement Date?
Basic financial planning starts with setting a retirement date. It can be evolved, recalibrated or changed at any time, but a retirement date is essential for helping you focus on growing your super. The age at which you plan to retire will play a role in what strategies you will use.
Formulate a Plan
If a person formulates a plan, they are more likely to get to where they want to go than if they don’t. Like the retirement date, it’s a matter of focus. It can also get you to thinking about what you actually have to do to retire comfortably.
Become Knowledgeable About These Three Factors
1. Your Fund’s Performance
It is wise to know how your current fund is performing. It is a good idea to project it to long term earnings as far as ten years out.
2. Matching Contributions
It is also good to know the amount of matching funds your employer is required to deposit into your super fund.
3. Tax Benefits
Be aware of the tax benefits that can be gained from your super.
Calculate Your Fees
Just as it is wise to know how much your super is earning, it is also wise to know how much you are paying in fees. Every dollar counts, either way.
Going it Alone?
Superannuation is complicated. While it is possible to go it alone, it is difficult for many people to maximise or even boost their super funds without the advice of a qualified financial planner. Superannuation regulations change on a regular basis. If you are not sure about your best path, it could be beneficial to hire the best financial planning professional you can find.
For more specific information on boosting superannuation funds, call the financial planners in our Perth office: 08 6462 0888.