Maximising Your Superannuation

For most people, their main assets are their homes and superannuation. Bearing that in mind, it is of extreme importance to maximise your superannuation savings. There are different ways that you can use in your quest for maximising your superannuation. Before engaging in any plans to maximise your superannuation, it is very important to seek professional counsel from a financial adviser. A financial adviser is the best placed person to help you attain your lifestyle goals, manage your funds and debts and help you plan your retirement in superannuation funds.

Merging your super to aid in maximising your superannuation fund. One way that will help in maximising your superannuation is if you consolidate your super funds. If you have had a couple of job(s), there is a high possibility that there are more than one superannuation fund. Additionally it is likely that you are coughing up more money towards your super. This money can accumulate to 1000′s of dollars over time. By pooling all your super funds into one account, you have more funds to invest, less documents and it helps save on the chunk that is taken off every time for your fund. Merging your super also helps you to manage the performance of your super well. By consolidating your super you are able to know all your super funds which can make a significant difference in your lifestyle after retirement. This is because there are so many lost super funds and their owners do not know they exist and yet they paid for them while they were working.

Can a government co-contribution scheme help in maximising your superannuation? Well the answer is yes, a government co-contribution scheme can help you in a big way to maximise your superannuation. These contributions are usually designed to help low middle income earners to boost their super funds. If you make personal after tax contributions, the government might match the contribution to your self managed super. To be eligible to receive these contributions, at least 0.01% of your total income must relate to employment or business income. That means that if your income falls short of $31,920, the government will match your contribution to a maximum contribution of $1000. Through these contributions you could double your contributions to your super which in return maximizes your superannuation.

A spouse discount can help you in maximising your superannuation. If you and your spouse are beneficiaries of a super fund, you can both contribute towards maximising your super fund. This happens if your spouse adds some money into your fund. This does not only increase your super but also helps them to get an 18 per cent income discount for contribution of up to $3,000 annually. However, this is only applicable in cases where the spouse does not earn any income or if they earn less than $13,800 per annum.

How self managed super helps in maximising your superannuation. Some of the key benefits of self managing your super are control, low taxation, protection and investment choice. A self managed super fund gives you an opportunity to make prudent decisions on how your funds are invested to maximise them. In this kind of arrangement you have the liberty to change the fund’s investment strategies to meet the dynamic needs of members and the variations in the economic climate. In a self managed super, you and the employer can make arrangements regarding your salary such that your pre-tax salary is paid into your super account. In doing so, the amount of tax you pay is substantially reduced and your salary is used in maximising your superannuation.

Ostrava Equities have been assisting their clients boost their self managed super funds for decades. Top investors can make the difference of hundreds of thousands of dollars in retirement. Make sure you check out self managed super with Ostrava today.