Consolidating your Super

If you’ve had more than one job, it is highly likely that you have more than one super fund. As a result, millions of Australians face some common problems, many without even knowing!

At Jordan Financial Solutions, we help (1) locate your super funds; (2) research their features & performance; and (3) roll it all into a single account that is most suitable to your specific needs.

As a result of consolidating your super, you may be able to benefit in the following ways:

  • Reduce the fees you pay
  • Simplify your paperwork and monitoring of your super
  • Have all your super money invested in line with your investor profile
  • Increase the total return on your super
  • Have your desired levels of personal insurance cover inside your super

Contributing into Super

Many Australians will not have enough super to support the lifestyle they want to lead in retirement. According to the latest AMP Superannuation Adequacy Index, almost 4 million workers (37% of the workforce) are falling behind where they need to be in preparation for retirement.

No matter how young or old you are, boosting your super should be an important consideration.

HERE’S A BRIEF LOOK AT HOW YOU CAN CONTRIBUTE INTO SUPER:

Super Guarantee:

  • By law, employers must contribute a minimum of 9.5% of your salary to your super.
  • For those who are self-employed, there is no mandatory requirement (however this is strongly encouraged from a retirement savings and tax perspective)

Salary Sacrifice:

  • Salary sacrifice is simply contributing more to your super from your before-tax pay.
  • This reduces the amount of income tax you pay while boosting your retirement savings.
  • These contributions are taxed at 15% rather than your normal marginal income tax rate (which can be as high as 46.5% including Medicare)

After-tax Contributions:

  • You can also make contributions from your after-tax pay by making one-off or regular contributions.
  • By making these contributions, you may be entitled to a Government co-contribution (i.e. if you meet the requirements, for every $1 you contribute after-tax, the government will match it with a contribution up to a maximum of $1,000 per annum)