Superannuation and you

Superannuation is a form of savings, where money is set aside by you and/or your employer and invested for your retirement. It is generally an ideal way to invest money for your retirement. Many funds also pay benefits in the event of your death, or if an illness or accident makes you unable to work.
Your retirement savings grow because money is paid in regularly and invested at a concessional rate of tax. Tax concessions and other government benefits currently make Superannuation one of the best long-term investments. Money from your Superannuation account can usually be taken out only at retirement.
Contributions paid into a complying Superannuation fund are typically invested in a range of assets, such as cash, property and shares.

What are the advantages of Superannuation?

• Employers usually contribute at least 9% of your earnings base to your fund;
• Contributions and earnings are generally taxed at a lower rate compared to other forms of investment;
• You can add to your investment on a regular basis;
• Your access to your investment is restricted, so you can't be tempted to spend it before you retire;
• You may be eligible to receive a tax deduction for your superannuation contributions;
• Your superannuation can go with you when you move around the workforce.

How much will you need?

How much money you will need depends on the level of income you want during your retirement years, and the number of years that you’ll be relying on your own funds. The higher the income you want, and the longer you need it, the more money you’ll have to save before retirement. Our Financial Planners have an excellent understanding of the various Super options available and can help you to calculate that amount of money you may need in retirement. 

Changes to Superannuation legislation

The 2006 Federal Budget contained positive news in relation to the taxation of Super. Most of the changes came into effect from 1 July 2007. Our ‘Making sense of the new super rules’ guide provides information on the major changes as they stand. Our Financial Planners can help you to understand how these changes may impact your situation and how to make the most of the changes.

Useful Information

To make an appointment with one of our qualified Financial Planners, drop into your local Newcastle Permanent branch or call us on (02) 4927 4370.

There are many websites available that can provide you with helpful information regarding financial planning and your investment portfolio. View the useful links.

Here's some more information for you:
Any information on this web page does not constitute advice and has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice having regard to your personal circumstances. You should consider the Product Disclosure Statement before deciding whether to acquire or to continue to hold this product. Fees, charges and tax applies. AFSL 238273.