Will you have the TIME and the MONEY?

With people living longer and the government struggling to support the baby boomer generation, it is more important than ever to start saving so that you can support your self in retirement.

Superannuation is one of the most tax effective means of saving for your retirement. The effectiveness lies in the concession tax environment in which superannuation operates. The maximum rate of tax on the earnings within a superannuation fund is 15%, whereas earnings outside of super get taxed at your marginal rate. This can be as high as 48.5%. Superannuation also has other advantages. These include the tax deductibility of contributions, the tax rebate your spouse can get if contributing on your behalf, and the possibility of a government co-contribution.

Despite this putting your money into superannuation does mean that you are restricted from accessing your money. These restrictions often last until one of the following conditions are met:

• Retirement
• Attaining age 65
• Permanent incapacity
• Temporary incapacity
• Death
• Severe financial hardship
• Compassionate grounds

On the left navigation menu there are various articles that will help you prepare for your golden years. If you wish to learn how we can help you support your self in retirement please give one of our Advisers a call on 07 3229 3688.