Change your financial future for your better by taking control of your superannuation in 2020. Here are just a few ways that you can start boosting your superannuation to fund your retirement.
Look for lost superannuation
Communication with superannuation funds can sometimes get lost, especially when changing jobs, addresses or your name. If you have more than one super account, you’ll be paying more than one set of fees. Combining all your accounts into one fund will save you thousands of dollars of your career.
Check your payslips
It is a good idea to double-check that your employer is contributing the correct amount into your superannuation fund. The amount on your payslip should equate to 9.5% of your pre-tax ordinary time earnings. If you can’t find this information, check with your employer to ensure they are paying contributions into your account at least quarterly.
You can make payments into your superannuation fund, on top of the 9.5% your employer pays on your behalf. Contributing to your fund can make a big difference to your future. You can make either concessional or non-concessional contributions. Concessional (before-tax) are made before you pay tax, such as the contributions made by your employer or salary sacrificing. Non-concessional are contributions made after-tax, where you made personal contributions into your account from your take-home pay or savings. You can contribute up to $25,000, inclusive of your employer’s 9.5% payment.
Check your insurance cover in your super
Most superannuation funds will offer insurance cover when you join. This can include Income Protection, Death and Total & Permanent Disablement Cover. While insurance through your super can be a cost-effective way to protect you and your family’s future, it can be one of the most significant costs involved. It is essential to check your insurance cover to ensure that it suits your current needs and lifestyle, and does not double up with any cover you have outside your fund.
Get in touch with the team at The Farm Protectors to take control of your super this year.