Laterpreneurs: Taking on encore careers Once upon a time, people went out, got a job and stayed there for the rest of their working lives. But “a job for life” is no longer an option for most working Australians. Changing careers, going out on your own and pursuing a dream to become self-employed has become the reality for many. The amount of co-working spaces that have opened up in major cities is evidence that more …
Superannuation and separation: Who keeps the money? Depending on the situation, you might get some of your ex-partner’s super, or they may get some of yours. A divorce from your husband or wife, or a separation from your de facto, could mean a division of your assets and debts, whether they’re held separately or together, and superannuation is no exception. Another thing to note is even if one of you hasn’t contributed to super for many …
Are you entitled to a tax deduction on personal super contributions? This financial year is the first time that employees can claim a tax deduction for their personal super contributions. Personal super contributions made during the 2017-18 financial year can now be claimed as a tax deduction by most Australian workers. This follows changes made by the government which came into effect on 1 July 2017. Previously, only the self-employed, unemployed, retirees, or those who …
Structural flaws in super system losing Australians $billions. The Productivity Commission has recommended sweeping changes to the superannuation system, highlighting key flaws that are costing members nearly $4 billion a year. The Commission, set up by the federal government as part of its response to the Financial System Inquiry has named multiple super accounts and underperforming funds as the key reasons why members are losing out. A key recommendation for tackling the problem is the …
How can I protect my super in retirement? (Video) Andrew Donachie CFP® Andrew Donachie is the National Financial Planning Manager at First State Super. Andrew has 12 years’ experience as a financial planner and is CFP® qualified. As part of the Financial Planning Association’s Ask a Planner video series, Andrew Donachie CFP® answers the commonly asked question, “What are some of the options to protect my super in retirement?” If you have a question …
Should I be more conservative with my super leading into retirement? (Video) Andrew Donachie CFP® Andrew Donachie is the National Financial Planning Manager at First State Super. Andrew has 12 years’ experience as a financial planner and is CFP® qualified. As part of the Financial Planning Association’s Ask A Planner video series, Andrew Donachie CFP® answers the commonly asked question, “Should I be more aggressive or conservative with my superannuation strategy in the lead …
Should I take my super as a lump sum? Taking your super as a lump sum might be tempting, but it won’t be the best option for everyone. You’ve probably spent much of your working life accumulating super. So, when the time comes and you’re able to access it, you might be wondering whether you’d be better off taking the money as a lump sum, income stream, or even a bit of both. To help you make …
How much super should I have at my age? We look at the average super balances for different age groups in Australia so you can see how your super savings compare. A healthy super balance can be a key ingredient in being able to live the life we want in retirement. But for many people, retirement is a long way off, and it can be hard to know if your super is on track. If you’ve …
7 ways to boost your super Investing in your super now may help you live the life you desire in retirement. By the time you retire, your super will likely represent one of your biggest assets. It’s real money and it’s your money, so putting some thought into making contributions today may help you achieve the lifestyle you want in retirement. But remember that the money you contribute into super will be subject to preservation …
Self-employed? There’s still time to grow your super While approximately 1.3 million Aussies run their own show, one in five has no superannuation at all. Many Australians see self-employment as a goal worth aiming for. But running your own show can mean retiring with very little in super savings – one in five self-employed people have no super at all compared to just 8% of employees. Self-employed women are especially hard hit. Among women aged …
