Superannuation advice Newcastle | Lake Macquarie | Hunter Valley

Superannuation, or “super,” is a long-term savings plan to help you financially support yourself in retirement. It’s important because:

• You can maintain your lifestyle when you stop working.
• Your employer contributes to it, so you can save for your retirement.
• Superannuation has tax advantages, so your savings grow faster.

Your employer puts in regular contributions (currently 11.5% of your salary, increasing to 12% from 1/7/2025) into a super fund of your choice. You can also put in extra contributions yourself using cash or approved assets. These are invested on your behalf to grow your savings over time.

You can generally access your super when you reach your preservation age and retire, which is currently 60. In some cases, you may also be able to access your superannuation savings by starting a pension while still working to top up your income.

There are many super funds to choose from, each with its own investment options, fees, and insurance. Consider:

• Fees and costs: Lower fees can make a big difference to your long-term returns.
• Investment options: Choose a fund with investment options that suit your risk tolerance and retirement goals.
• Insurance: Consider the insurance offered within the fund and if it meets your needs.
• Ethical considerations: Some funds offer ethical or sustainable investment options.

Yes, you can have multiple super funds, but it’s generally not recommended unless you have specific tax and estate planning outcomes you’re trying to achieve. Having multiple accounts can lead to:

• Higher fees (as you’re paying fees for each account).
• Difficulty keeping track of your super.
• Multiple insurance policies, which may be unnecessary.

We can help you:

• Choose the right super fund: We’ll assess your needs, risk tolerance, and goals to recommend suitable funds.
• Consolidate your super: We’ll help you merge multiple super accounts into one to reduce fees and simplify management.
• Create a retirement plan: We’ll develop a comprehensive retirement strategy that takes into account your super, investments, and other assets.
• Maximise your super contributions: We’ll explore strategies to boost your super balance, such as salary sacrificing or making personal contributions.
• Manage investment risk: As you approach retirement, we’ll help you adjust your super investment strategy to manage risk appropriately.

Yes. Don’t leave your retirement savings to chance. Contact Collective Financial Partners today for a consultation. We’ll help you take control of your superannuation and plan for a financially secure retirement.