What is Superannuation and How does it work?

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Superannuation is a tax effective way to save for your retirement. It is an investment in your future. Contributions can be made in two ways: from your employer and from you if you choose to top it up. The sooner you start to contribute - the more time your money will have to grow.

Your money is pooled with other members' money and invested on your behalf by your super fund’s professional investment managers to build your retirement nest egg.

Most super funds offer a variety of investment options including low risk and high risk with a mix of cash, property or share options. It is important to choose an option that is appropriate for your retirement time frame and goals.

Sirius Financial Advisers can assist you in understanding and making appropriate investment decisions for your needs.

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When Can I Access My Super?

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If you retire and have reached your preservation age, you can withdraw your super.

• Born Before 1 July 1960 - Preservation age is 55

• 1 July 1960 to 30 June 1961 - Preservation age is 56

• 1 July 1961 to 30 June 1962 - Preservation age is 57

• 1 July 1962 to 30 June 1963 - Preservation age is 58

• 1 July 1963 to 30 June 1964 - Preservation age is 59

• From 1 July 1964 - Preservation age is 60

When you retire your super can be taken as a lump sum, a regular income stream (also referred to as a pension), or a combination of both. Which is best for you can be a difficult decision to make alone.

Your Sirius Financial Adviser can help you decide which is most suitable for your needs.

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What Contributions go into my Super Fund?

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Most of us have little knowledge about the money or contributions that goes into our Superannuation. There are three types of super contributions: employer contributions, personal contributions and government contributions.

Employer super contributions

For most people, your employer must pay an amount equal to 9.5% of your salary into your super fund account. Your super money is invested by your super fund so you will earn investment returns on the money.

If you are self-employed you are responsible for making your own super contributions, however they can be tax deductable. Our Sirius Financial Advisers can assist you to set up a plan to help you grow your super fund.

Personal super contributions

You can make extra contributions by:

• Salary sacrificing
• Personal contributions from your pay
• Bank transfer

Bonus contributions from the government

If you put your own after-tax money into super, you could receive a government co-contribution, depending on how much money you earn. Low income earners can receive an extra contribution by making personal after-tax contributions.

All of these contributions work to help you grow your retirement fund. We at Sirius can offer expert advice in this area.

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How Can Sirius Help Your Superannuation?

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Let our expert Sirius team of financial advisers help you:

• Gain a better understanding of your super fund
• Review your existing super funds
• Devise an appropriate investment strategy within your super fund
• Find any lost super you may have
• Consolidate your superannuation
• Revise and apply for life insurance and income protection within your superannuation
• Protect your financial future and retirement well-being

It’s easy to see your super fund as just a compulsory payment made by your employer – but it actually plays a crucial role in your future wellbeing. Don’t make the mistake of being too complacent; take control and make your super fund work for you!

Our financial advisers can help you stay on track to ensure your super works for you.

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