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Your superannuation balance at retirement may influence how comfortable your retirement is. It is important that you manage your superannuation throughout your working life. If you act now, you may have a more comfortable retirement. Here are some steps that might help. Set up a myGov account With a myGov account, it’s easy to manage your super. You can use your myGov account to: Check whether your employer is paying your…

What happens when you have super in more than one fund? Compare how multiple funds can affect your retirement earnings. Scenario: Eva Eva began her first full-time job one year ago. Her annual salary is $70,000 and her employer contributes $127 a week to super. Before then she worked as a casual waitress and part-time singer. Eva had not thought about super until her friend explained to her that the fees you pay multiply by the number of funds…

Draw a flow chart of the services you can access through myGov and what information and services you can access by linking to the Australian Taxation Office. List the advantages of being able to access government services online. Why is it important that you protect your myGov account information and never share your myGov sign in details with anybody else, including tax agents? Go to the ATO website and search 'Create a myGov account…

You may decide that your employer's 11.5% contributions may not be enough to build the lifestyle you want for retirement. By making extra contributions, you can boost the amount of super you have when you stop working. The key is to start as soon as possible to grow your super. Apart from their employer’s superannuation guarantee contributions, many Australians make additional contributions or have contributions made on their behalf to their…

There are seveal ways you can boost your super. A tax-effective way is through salary sacrificing. Find out how boosting your super through salary sacrificing will affect you in the short and long-term.Paying less taxWhen you salary sacrifice, you will pay less tax. An example of the tax you save is shown below:Your annual incomeTax paid on $1,000 put into your pocketTax paid on $1,000 put into superTax saving$40,000$160$150$10$90,000$300$150$…

There are 2 ways you can choose to invest responsibly or ethically in a super fund. What are they? Research tells us that the trend in people choosing to invest in ethical or responsible investment options is increasing. Why do you think this is the case? Do you envisage this trend further increasing? Why? What ethical values underline the following activities Australians do not want to support through investment? Animal cruelty…

More than a buzzword: the ins and outs of ‘ethical super’ Posted by Adam Verwey August 2, 2018 (adapted) When you choose a super fund, you have the option of choosing either an ethical super fund or a sustainable or ethical investment options within a super fund. According to the Responsible Investment Association of Australasia (RIAA) 2017 Benchmark Report, the percentage of funds in core ethical investment products increased by 80% over the…

Superannuation is money put aside for your retirement. You cannot access your super until you either reach your preservation age, which is between 55 and 60, depending on your date of birth, or meet strict requirements set by the government. There are only a few other circumstances in which a person may be able to access their super before retirement. These include severe financial hardship, compassionate grounds, a terminal medical condition,…