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Superannuation : Personal |
What is Superannuation?
Superannuation refers to the accumulation of wealth while you are working, to help meet the cost of living when you retire. In Australia, superannuation investments are eligible for special tax concessions that are not available to other types of investments.
What are the advantages of investing in superannuation?
- You receive significant tax concessions on your investment earnings;
- You can add to your investment on a regular basis;
- Your access to your investment is restricted, so you can't be tempted to spend it before you retire;
- You may be eligible to receive a tax deduction for your superannuation contributions;
- Your superannuation can go with you when you move around the workforce.
- Superannuation Strategies
In order to get the best out of superannuation, you need to understand how the rules work and use them to your advantage. Contact your PCL Financial planning adviser today for a complimentary, obligation free consultation.
Tips and Traps
- You will need to consider the implications of having restricted access to your money;
- Investment returns on superannuation investments are typically influenced by economic and market conditions and your investment may increase or decrease in value;
- You should consider receiving financial planning advice to determine an investment strategy that would enable you to meet your financial needs in retirement.
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