Today’s rapidly evolving world demands a proactive approach towards securing your financial future. A significant concern, often overlooked, is the gender disparity in super balances, frequently leaving women at a financial disadvantage in their retirement. However, by staying informed and taking the right steps, you can secure your super and contribute towards narrowing this gap. Here are our top seven strategies:

  1. Take charge of your super contributions 💪
  2. Comprehend the relevance of target market determinations 🎯
  3. Contemplate obtaining death cover via your super fund 💀
  4. Stay abreast of the performance metrics of super funds 📊
  5. Monitor the inflation trends and retiree living costs 📈
  6. Periodically review your super balance, making necessary adjustments 🔄
  7. Remain up-to-date with the financial advice reforms and industry updates 📰

Furthermore, it’s vital to comprehend the role played by the Australian Taxation Office (ATO) in managing unused concessional cap carry forwards. If you’ve exceeded the standard annual cap in a financial year but have an unused concessional cap, the ATO will use your available unused cap from previous years automatically, preventing excess contributions. This arrangement gives precedence to the oldest cap first, securing any possible benefits for you.

For those who are self-employed, being proactive about making super contributions is essential, as the absence of employer contributions can result in lower super balances. By remaining informed and managing your super, you’re laying the foundation for a financially secure future.

On the industry front, despite a slight downturn in May, super funds are projected to conclude the 2023 financial year robustly. Moreover, retiree living expenses continue to outstrip inflation, emphasizing the importance of proactive super management and future planning. Other notable updates encompass AustralianSuper reducing insurance costs and the ongoing growth of Exchange-Traded Funds (ETFs).

For staying updated and obtaining expert guidance, consider attending interactive sessions like the SuperGuide members Q&A scheduled for June 22, 2023. Superannuation expert Garth McNally will address member queries during the session. By engaging with industry updates and soliciting professional advice, you can make educated decisions about your super, enabling a more secure retirement.

Note: The information provided herein is of a general nature and does not consider your unique objectives, financial situation, or requirements. We recommend procuring the relevant product disclosure statement (PDS) or seeking personal financial advice prior to making any investment decisions.

#FinancialSecurity 🛡️ #RetirementPlanning 🏖️ #WealthCreation 💸

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