Make today count: #5 I will boost my super

Even though your financial strategy should be for the long term, there are things you can do each day to help you achieve your goals sooner. Here’s #5:

Your super has the potential to become one of your most valuable assets. The more you put into it now, the more you’ll get out of it when it’s time to retire – especially when you consider how your earnings compound over time. Here’s what you can do right now to help grow your nest egg.

First, make sure you only have one super account, (unless there’s a specific reason why you need multiple accounts). If you’ve changed employers over the years you might have ended up with multiple accounts in different super funds – which are all charging you fees. So choose your preferred fund and then ask them to track down all your lost super and roll it over into a single account.

Next, provided it’s right for your circumstances, you could talk to your employer about setting up a salary sacrificing arrangement so you can put some of your pre-tax dollars straight into super. Using ASIC’s Superannuation Calculator at www.moneysmart.gov.au you can see how even a small contribution on a regular basis can make a big difference at retirement. For example, if you’re aged 35 and earn $70,000 a year, salary sacrificing just $50 a week could add up to an extra $73,000 or more by the time you retire2.

How your financial adviser can help

No matter what financial position you’re in, there are plenty of things you can do today to start building the future you want. But the most important one is to talk to your financial adviser. With their experience and expertise, your adviser is in the best position to guide you at each stage of your financial journey. As well as helping you create a long-time financial strategy, your financial adviser will show how you can break it up into small, achievable milestones. Not only will this be easier to track your progress, it will also give you a clearer idea of what you can do to make each day count. Make today count.

Matthew Wood, Senior Wealth Advisor and Director, can help you with strategies to boost your super and achieve the lifestyle you deserve!

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2 Calculated using the MoneySmart Superannuation Calculator. Assuming an investment return of 5.7% pa and a retirement age of 67.


Disclaimer: This article has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.

Information in this article is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document.

This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.

Don’t wait for life to happen – Week 1: Starting a family

dont-wait-for-life-to-happen-starting-a-family

Having a child is one of life’s great gifts. But let’s not forget how expensive kids can be, especially with the rising costs of education.

In fact, putting your child through private education from pre-school to Year 12 could cost you as much as $400,000.1 And even with a public school education, you could still end up paying over $60,000 per child during their school years, when you take into account things like uniforms, tech essentials, and extracurricular activities.2

It’s a good idea to get into the habit of regularly putting money aside, so you can stay on top of school fees and other expenses. The sooner you start, the longer your money will have to grow — and for potentially higher returns, you might even consider investing the money rather than simply putting it in a savings account.

What’s more, with rising rents and costs of living, there’s a good chance your kids will depend on you financially well into their adulthood. In Australia, at least 1 in 4 young people aged between 18 and 34 live with their parents3 — so it’s worth keeping this in mind when you’re planning for your family’s future.

 

1 Australian Scholarships Group, How much can you expect to pay for your child’s schooling? 2016.

2 Australian Scholarships Group, How much can you expect to pay for your child’s schooling? 2016.

3 Domain Group, Domain house pricing report, June 2015


Disclaimer: This article has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.

Information in this article is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document.

This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.

Insurance priorities for all ages – Life Stage: Family with young children

Are your family, friends or adult children part of the large percentage of Australians who are under-insured? Here’s a simple guide to stage-of-life insurance priorities.

 

Priorities have shifted. You’re making your way up the work ladder but the pressures of a mortgage, a second car and young children are being felt.

What if you were suddenly unable to work? What if an accident or illness meant you were no longer around to help care for your family? How would mortgage repayments and school fees be met? Suggestions for this period include a selection from the previous three covers – Income protection, TPD, and Trauma – as well as Life insurance and Child Cover.

A financial adviser can ensure you are neither over-insured nor under-insured.

Life insurance – pays your beneficiaries a lump sum if you were to pass away.

Child Cover – in summary, child cover will pay a lump sum of to $200,000 in the event of 38 child trauma events, including severe burns.

1 http://ricewarner.com/rice-warners-latest-underinsurance-research-report/

NEXT: Mature couples and singles

http://ricewarner.com/rice-warners-latest-underinsurance-research-report/


Disclaimer: Information in this article is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document.

This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.