Superannuation contributions commence when you start work.
The advantage of superannuation is tax effective savings that compound to increase your investment.
The disadvantages are your money is not available until retirement age and the funds are subject to government regulation. Consolidate all superannuation into one fund. Be active in choosing different investment strategies and options.
If you want more control consider self-managed superannuation funds, however ensure you understand the government reporting and compliance needs first.
Most importantly be aware of…..
Your bucket list will determine the amount of money you need to retire. To understand your future needs calculate your money needs in todays’ terms and adjust it to your retirement lifestyle.
Start with today’s income, look at all types of income and expenses and assess if they will increase or decrease when you retire. This will determine your estimated retirement income. Choosing investments you like and understand, estimate how many you will need to own to produce your estimated…..
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