Mar 07
What is superannuation?
Superannuation is money set aside over your lifetime to provide for your retirement. Your employer is obliged by law to make contributions on your behalf to an approved superannuation fund. The compulsory amount that the employer pays is called the superannuation guarantee (SG) and is currently set at a rate of 9% of an employee’s wages. Your employer may contribute a higher amount on your behalf.
Mar 07
Broadly speaking there are two ways to save towards your retirement:
(a) Contributions via superannuation funds (pre and post tax); and
(b) Post-tax voluntary / discretionary investments outside of superannuation.
Without knowing any of your specific circumstances it would probably be true to say that most people will probably have to do some of both.
Mar 07
The Advisers at WB Financial can assist you in planning for retirement. Planning for retirement can be broadly split into two phases: Pre retirement and after retirement.
Before retirement you need to: (a) Protect your income earning ability with insurance, and (b) Build capital for retirement.
After retirement you will use your savings to live out the rest of your life. You will need:
Mar 07
What do you want to be when you retire: Old, broke, dull, bored, and unhappy or retired but alive, living life, and enjoying yourself? The choice is obvious but what most people do not realise that getting there takes planning and effort.
Anecdotally, we are told that on average Australians spend more than 50% of their income on debt repayment, save less than 3% of our salaries, skimp on groceries to pay for the lottery, casinos and mobile phones, and change jobs 11 times during their careers.1