Securing your financial future with expert superannuation advice.
Superannuation
Secure your financial future with expert superannuation guidance from Canny Wealth.
Our experienced advisers understand that superannuation is one of your most significant long-term investments, which is why we take a personalised approach to maximising your retirement savings.
We specialise in helping clients navigate complex superannuation legislation, optimise contribution strategies, and make informed investment choices within their superannuation funds.
With Canny Wealth’s expertise, you’ll benefit from strategic tax planning, risk management, and a retirement strategy tailored to your goals. Trust our team to help you build a stronger superannuation portfolio through proactive management and regular advice.
How Can A Financial Adviser Help You With Your Superannuation?
A financial adviser plays a central role in optimising your superannuation strategy.
They provide expert guidance on investment options, contribution strategies, and insurance within super, ensuring your retirement savings are working effectively towards your goals.
Professional advisers stay current with legislative changes and can help you take advantage of tax benefits and government incentives. They can also assist with consolidating multiple superannuation accounts, reducing fees, and ensuring your investment mix aligns with your risk tolerance and timeline.
Regular reviews with your adviser ensure your super strategy evolves with your changing circumstances and market conditions.
What Age Can You Access Your Superannuation?
In Australia, you can generally access your superannuation when you reach your preservation age of 60.
If you’re between the ages of 60 to 64 you can access your superannuation when you retire, leave a job or open a Transition to Retirement Income account while you’re still working (limits apply).
If you’re 65 or older, you’ll have full access to your superannuation, even if you haven’t retired.
Early release of super is strictly regulated and only permitted to specific circumstances, such as severe financial hardship, terminal illness, or permanent incapacity. While the COVID-19 early release scheme was a temporary measure, it highlighted the importance of preserving retirement savings.
Accessing your super early can significantly impact your retirement lifestyle, making it crucial to seek professional advice before making withdrawal decisions.
What Are Some Essential Questions To Ask Your Superannuation Adviser?
When discussing superannuation with your adviser, consider asking about:
Product fee structures and their impact on your balance;
Investment options that align with your risk profile; and
Strategies to mximise contributions.
Important questions include understanding the performance of your current fund, insurance coverage within super, and whether consolidating multiple accounts would be beneficial.
You should also discuss transition-to-retirement strategies, estate planning considerations for your super, and how your super fits into your broader retirement planning.
Regular reviews ensure these strategies remain appropriate as your circumstances change.
How Do You Withdraw Your Supereannuation?
Withdrawing your superannuation requires careful planning and understanding of the available options.
You can choose between a lump sum withdrawal, starting a pension, or a combination of both. Each option has different tax implications and benefits, making professional advice invaluable.
A financial adviser can help structure your withdrawals tax-effectively, ensure you meet the minimum pension payment requirements, and maintain your desired lifestyle throughout retirement. They can also assist with paperwork, timing your withdrawals strategically, and adjusting your investment mix to support your withdrawal strategy.
Frequently Asked Questions
What Is Superannuation?
Superannuation, often called 'super', is a mandatory retirement savings system in Australia where employers contribute a percentage of their employees' earnings to a super fund.
These contributions, currently set at 12% of your salary, are invested over your working life to help fund your retirement.
Super offers tax advantages compared to other forms of saving and investment, with contributions and investment earnings generally taxed at concessional rates.
Your super can include both employer and voluntary contributions, and the money is typically preserved until you reach retirement age.
Can I Salary Sacrifice To Superannuation?
Yes, you can salary sacrifice to superannuation by arranging with your employer to contribute additional pre-tax income into your super fund.
This strategy can reduce your taxable income since these contributions are taxed at just 15% within your super fund, rather than your marginal tax rate.
There are annual contribution caps to be aware of, with the current concessional contributions cap set at $30,000 per year.
Salary sacrificing can be an effective way to boost your retirement savings while potentially reducing your current tax obligations.
How Much Superannuation Do I Need To Retire?
The amount of superannuation needed for retirement varies significantly based on your desired lifestyle, expected retirement age, and anticipated life expectancy.
The Association of Superannuation Funds of Australia (ASFA) suggests a couple needs approximately $690,000 in retirement savings for a comfortable retirement, while a single person needs around $595,000 (as of 2024).
However, these are general guidelines, and your specific needs may differ based on factors like home ownership, health requirements, and planned activities in retirement.
A financial adviser can help you calculate your personal retirement savings target.
Who Can Advise Me On Superannuation?
Only licensed financial advisers who are authorised to provide superannuation advice can legally advise you on your super.
These professionals must hold an Australian Financial Services Licence (AFSL) or be an authorised representative of a licensee.
They should also have specific qualifications in superannuation and retirement planning. A qualified adviser can provide personalised recommendations based on your circumstances, goals, and risk tolerance.
Can I Manage My Own Superannuation?
Yes, you can manage your own superannuation through a Self-Managed Super Fund (SMSF), but this comes with significant responsibilities and compliance requirements.
As an SMSF trustee, you're responsible for investment decisions, administrative tasks, and ensuring the fund complies with super and tax laws.
You'll need to consider factors like the time commitment, costs, investment knowledge, and minimum balance requirements before establishing an SMSF.
It's advisable to seek professional advice to determine if an SMSF is suitable for your circumstances.
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