What you do now can make a big difference to your standard of living when you retire. You work hard, so why not reap the rewards? There are small things you can change without it affecting your life now.
Let’s take a look at some of the things you can do:
- Consolidate your super
Casual work, part-time work, and any jobs you’ve had in the past, if you’ve not provided your super details, your employer would have paid it directly into their superannuation fund of choice; this means there could be several funds that have your money in them, all charging fees and eating away at your retirement money. So, what can you do? Consolidate all your super funds.
A really good tool for consolidating your super funds would be to use www.findmysuper.com, or many super funds offer this service at no cost. What super fund should you choose?
You can look at the industry super funds or talk to B&M Financial about managing your super or a self-managed super fund; building your wealth through super is a great step in preparing for your retirement.
- Salary sacrificing
No one likes paying tax, and salary sacrificing is a way to pay less tax and boost your super. Your pre-tax salary will have super deducted, and what is left will be what is taxed, it’s a win: win for you.
- Pay money into your partner’s super fund
If your partner is a low- or no-income earner you can top their super fund up and get a tax break at the same time.
- Pre-tax contributions to super
Contributing your pre-tax dollars to your super fund if you’re a high-income earner can reduce your tax rate from as much as 48% to 15%, so you get to reap the benefits of your hard work, not the taxman.
- Talk to B&M Financial
The best thing you can do to boost your super fund is to talk to B&M Financial. With a wealth of knowledge and experience we can steer you in the right direction of how to make the most out of your superannuation.
Superannuation solutions, tailored to you
If you know you want a comfortable retirement, but you’re not quite sure how to get there, talk to B&M Financial on the Gold Coast and see how we can assist you in boosting your super.
Little changes you make today, can make a big difference to tomorrow.