How well do you know your Super?
All About Superannuation
Superannuation is a compulsory arrangement put in place by the Australian Government to encourage people to accumulate funds to provide them with an income stream when they retire.
Your employer pays a minimum of 9.5% of your salary into a super fund nominated by you. The employer contribution rate Superannuation Guarantee Contribution (SGC) has been 9.5% since July 2014, with a plan to increase it to 12% by 2025.
While you may feel compelled to save Super, you can choose Australian Islamic Super as your superfund.
Super is also a tax-effective way to save for your retirement. You only pay 15% contributions tax on your before-tax super contributions.
What happens when I retire or reach my preservation age?
You can access your super, once you retire or reach your preservation age.
- When you reach preservation age and retire
- When you turn 65 (even if you still working)
- Under the transition to retirement rules. while continuing to work
Before reaching the preservation age, still you can access your Super under a very limited circumstances, like severe financial hardship or specific medical conditions.
Access your Super Early
What are some of the strategies and tips to increase my Super?
1. Consolidate your super
Consolidating your accounts into one could save thousands of dollars over time and be a strong boost to your retirement savings in the future.
2. Find and claim your lost superannuation.
Our Islamic Choice Super team can help you to check with ATO if you have any lost super sitting there waiting for you to claim it. If your lost super has been transferred to the ATO you can still retrieve it. This needs to be done ASAP to make sure you don’t miss out on any investment returns.
3. Choose the right investment strategy.
Choose your investment strategy based on your risk tolerance. As you move into a different stage in your life, different investment options might be appropriate for your situation and worth considering.
4. Boost your balance with additional contributions:
You can contribute more money into your super account through concessional or non-concessional contributions. Note: Limits apply to how much you can contribute to super in any one financial year.
5. Consider switching funds:
Every superannuation fund has different fees structure and investment strategies, so make sure you choose the right Investment strategy by doing a little bit of research that covers:
- Investment strategy with the lowest possible fees that still provide good performance.
- Investment options that suit your risk tolerance.
- Strong investment rationale including an understanding of your life stages and financial objectives.
What Our Clients Say
“We would like to express our thanks for the work you have done for us over the past years. The expertise and attention to detail with which you have handled our financial affairs could not be faulted. Particularly reassuring to us is our feeling of certainty in the absolute integrity of your dealings with us. Your continual advice on financial planning issues has saved us significant amounts of money. May you prosper,
along with your clients.”
Dr Mutasim Sadiq
“Meezan finance provided us an outstanding service throughout the whole application process. The staffs were very responsive to our needs, answered our telephone calls and emails promptly, followed up with sellers, solicitors and arranged property settlement for us. We are happy that through Meezan Finance we have achieved the best Islamic loan for our family’s needs. We have no hesitation in recommending Meezan wealth to anyone.”
Senior Technical Manager (IBM)
“Passion, knowledge and a genuine interest in achieving the best for clients is what makes a truly professional Financial Adviser. Rokibul always had this and more. His dedication to clients, business excellence and education sets him apart and I would highly recommend him to anyone wanting to achieve better financial outcomes.”
IT Developer (Inenco Group)
“I am absolutely delighted with your service. It is really refreshing to work with a financial adviser who is truly interested in their client’s needs, circumstances and preferences. What really impressed me was the way you took the time to get a feeling for where I was at, your depth of knowledge, lateral thinking and your common-sense approach. Your professional, ethical and caring demeanour elicits my trust and respect and I gladly recommend your services whenever possible.”
Get in Touch
Our qualified team are ready to assist you with your questions.
Suite-104, 8 French Avenue, Bankstown, NSW 2200
Deloitte Building, Level 15, 60 Station Street E, Parramatta 2150