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How Do I Know If I Have Enough Superannuation?

I don’t know about you, but for me time is just flying by.  Even more so since we had our daughter.  Time seems to have gone into hyper-drive!!!  What is that???  One minute I was 27 years old, footloose and fancy free roaming the globe.  The next minute I am 41, married, with a mortgage and a four year old, hearing the word “Muuuuuummmmm” several million times a day.  A completely different life.  But somehow the years in between seemed to have just whizzed by.

And from what my mum tells me, time goes by even faster from here on in – next stop 50, then 60!  What the??????  I was pretty sure that this was never going to happen to me!  I guess it is!  So I had better make sure I am financially prepared for my retirement.  Especially given – if the current legislation passes– I won’t be able […]

By |December 4th, 2014|Superannuation|8 Comments

5 Easy Ways To Sort Out Your Superannuation for Spring!

Yayyyy!  Spring has sprung (not that you can tell from our recent weather!) and it is time to get cracking on sorting out all those things you have neglected over the cold winter months.  Now I am not just talking about getting rid of the dust bunnies hiding behind the furniture (guilty) but spring can be a great time to sort out your superannuation too!  I know most people would rather poke their eyes out with hot sticks than think about their superannuation.  However, the truth is that superannuation is your friend; it is there to help you out when you get older and want escape from the world of work forever.  Unfortunately nowadays you cannot rely on the pension to save you as governments creep the qualification age further and further away.  So do it!  Follow these five easy steps and sort out your superannuation for spring and keep yourself […]

By |September 8th, 2014|Superannuation|18 Comments

The Superannuation Co-Contribution – How To Get An Extra $500 Superannuation For Free

I am so excited – this year I qualify for the government’s superannuation co-contribution scheme and I am absolutely going to take it up!!  Let’s face it, there are not many ways you can get $500 for free, particularly from the Government!!!  However, this is one of them and it is really easy!!! Who would have thought!!!

So here is how you do it!  Pretty much to qualify for the full benefit of $500 you have to earn less than $33,516 and put an after-tax contribution of $1000 into your superannuation fund by the 30th of June 2014.  As long as you have put the contribution into your fund and you file your tax-return, the $500 will automatically be paid into your fund by the government.  (Click here to see the full criteria).

If you earn between $33,516 and $48,516, you will still get […]

By |June 19th, 2014|Superannuation|13 Comments

Three Easy Ways To Find Your Lost Superannuation

Loads of people I speak to have lost superannuation.  Actually, I think most people do, you simply change jobs a few times and lose track.  Easily done.  Well, until recently one of those people was my husband.  Yes, my husband had superannuation that had been lost in the system from a job he had ten years ago!

I cannot tell you how much this irked me.  Finding your lost superannuation is the quickest and easiest way to boost your superannuation balance, and it helps keep you off cat food in retirement.  Having explained this to my husband, I started a campaign to get him to move his superannuation.  So year one, not wanting to be the nagging wife, I would gently remind him that he had a new job and that he should move his superannuation.  Nothing.  Year two, I stepped up the campaign a notch and I printed out the […]

By |September 24th, 2013|Superannuation|12 Comments

How To Boost Your Superannuation Balance While You’re A Stay At Home Mum

Superannuation is important for all women, but probably even more so for Stay At Home Mums (SAHMs).  Having a break from paid work reduces our ability to contribute to our super leaving us much worse off than others when it comes to retirement age.

Last week I wrote about the superannuation co- contribution scheme and, if you qualify, what a great way it is to boost your superannuation balance for free (please click here to see the post).  During the week I had lots of questions from readers asking whether stay at home mums (SAHMs) can receive the co-contribution.  Unfortunately, the co-contribution scheme is only available to those in employment or self-employment.  As it stands, the powers that be, consider being a full time mum as “non paid work”,  so we do not qualify for the scheme.  Sadly, being paid […]

By |July 31st, 2013|Superannuation|14 Comments

How To Boost Your Superannuation Balance For Free!

No this is not a scam!  Yes this is legit!  Though I am very proud of you for being skeptical because you should be when it comes to your money.  However, if you qualify I have a way to make a 50% return for zero risk and boost your super balance in the process.

This is through the government’s superannuation co-contribution scheme.  It is really simple.  If in the upcoming financial year you earn less than $33,516 and you put a contribution of $1,000 of after tax money into your superannuation account then the government will put in an additional 50 cents for each dollar (up to $500).  You put in $1,000 and they give you $500 for free!  There are not too many legitimate investments that I know of in which you can a 50% return, for zero risk, guaranteed.  It is the closest thing I have seen to money […]

By |July 23rd, 2013|Superannuation|11 Comments

Your Superannuation And Your Children: One Thing You Really Should Know

OK, here is a bit of a morbid one and it is something most people don’t like to think about but have you thought about what will happen to your superannuation should you die? Most people assume that their superannuation will pass to their beneficiaries as per their will, but this is not necessarily the case.  In fact, your superannuation does not always automatically form part of your estate should you die.  Surprised?

This is because superannuation is held in a trust structure and a Trustee manages your superannuation money on your behalf.  Who this is depends on the type of fund you have.  For an employer scheme this is often a large institution, for self managed funds, it could be a person or a private company.  When a member of the fund dies, the trustee of the super fund often has discretion to pay out the entitlements as the Trustee sees […]

By |June 19th, 2013|Superannuation|1 Comment

Women And Superannuation – How Do You Make Sure You Have Enough?

The superannuation system is based around an individual working full time for forty years.  For many women, especially mothers this simply does not reflect our working lives.  Many of us take career breaks, some for substantial periods of time and many of us, when we do return to paid work, opt for part time positions.  These factors hamper our ability to contribute to our superannuation balances.  The end result is that the current median super balance for women aged 35 to 44 is around $22,600 versus around $41,000 for men.

So what strategies can you use to make sure you have enough for retirement?  Making additional contributions pre baby or ramping up contributions when you return to work are probably the best way to increase super balances and make up for a break in employment.  It’s important to remember that a small increase in contributions can make a big difference when […]

By |May 1st, 2013|Superannuation|1 Comment