#1 fund for weathering market ups and downs3
SuperRatings' Pension of the Year three years in a row4
There are some money-saving initiatives in the Federal Budget. While you wait for those initiatives to be legislated and come in to force, there are also some things you can do today to boost your financial wellbeing.
The government handed down its annual Federal Budget on April 2nd, with around half a million ABC viewers watching the Treasurer, Josh Frydenberg, pledge income tax cuts, a cash boost to deal with energy bills and some small changes to superannuation rules.
Read our high-level Budget summary here.
While you may benefit down the track from some of the Budget announcements, there are also actions you can take today, to benefit your future wellbeing.
A reduction in income tax via a new low income tax offset (LMITO) will be welcome for the estimated 10 million workers who will benefit. In the next 10 minutes, though, you could find your lost super, which could be anything from a few dollars to many thousands. If you’re a QSuper member, find those funds now via Member Online. If not, create a myGov account and link to the ATO.
The one-off Energy Assistance Payment for those who are eligible (of $75 for singles and $125 for eligible couples) will be a popular decision with those who receive it. If you have more than one super fund though and are paying insurance premiums on both, you could potentially save yourself far more than $75 per year by joining them together. In the last year, around 32,000 QSuper members consolidated an average of $31,000.1
Important: Before consolidating with QSuper you should check what fees your other super fund charges and if you will lose any benefits such as insurance or pension options.
The Treasurer announced the government’s belief in “reward for effort” and “upholding personal responsibility.” Along those lines, contributing an extra $10 a week into your super account could add more than $26,000 to your retirement.2 That could be a nice around-the-world trip. Ways to do it.
You can take control of your finances with the support of financial advice. Have the confidence that comes from working with a financial adviser to help you reach your financial goals.
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1 Information only. Based on the 2018 year for members aged 25-54.
2 This calculation is a hypothetical case study. Calculation made using superguru.com.au calculator and based on 27-year-old member, who will retire at 67 and have super invested in an account with a net growth rate of 5.2%. For full assumptions and calculations refer to the Super Guru website www.superguru.com.au accessed 1.4.19.
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