Superannuation advice for all ages

Superannuation Advice

Your super is probably one of the most valuable things that you will ever own, but most Australians don’t pay that much attention to it until it is too late. A survey recently revealed that a whopping 50 per cent of Australians have never consulted a financial planner or taken any other step towards securing their financial future. That’s too high!

Thankfully, there are practical steps you can take to secure your super throughout your working life and beyond. Consider the following superannuation advice:

1. Consolidate Your Super

Many 20 and 30-somethings bounce around from job to job until they discover where their true passions lie. Each job involves its own super account, meaning that you could have multiple accounts charging you multiple fees without any real benefit to you. If you merge all of these accounts into one, you can save on fees while pursuing a more streamlined investment strategy.

That said, there are certain scenarios where consolidation does not make sense. If you would be assessed a substantial exit charge, you may be better off leaving your money where it is. Likewise, some super accounts provide affordable insurance that it would be a shame to just give up.

2. Choose Your Investment Strategy

Many Australians never specify how they want their super money invested, a course of action that usually results in a balanced strategy no matter what your financial needs may be. When you’re young, it can be beneficial to choose an aggressive option that takes on greater risk for the possibility of higher returns. If the investment goes south, you still have time to recover.

You should also change your super strategy as your needs change. For example, older individuals may want a more conservative approach to avoid the total loss of their nest egg.

superannuation advice
Take the steps today to build your superannuation so you have more freedom tomorrow.

3. Look Into Government Support

Australia’s tax code allows for some creative bookkeeping when you contribute to your super that may help you save money on your tax bill. There are income requirements, partial payouts, and other restrictions, so it’s probably a good idea to consult with a professional to see if you can get some bonus money in your account.

4. Increase Your Contributions

If possible, you may wish to voluntarily donate to your super above the 9.5 percent of your income automatically contributed by your employer. This is best done in your 40s and 50s when the kids are heading off on their own and your earning potential is still high.

If you left the workforce to raise a family, spousal contributions allow your spouse to contribute to your super to make sure that you have enough money for your golden years. There may be some tax benefits in it for you as well.


If you’re looking for more specific advice, Absolute Insurance is a Perth owned family business who specialise in offering a range of insurance services from Perth to Mandurah. Contact them today for more information!

Greg Maguire

Greg Maguire

Greg is an experienced Insurance Broker in Perth, WA, with an Advanced Diploma of Financial Planning from Deakin University and a Bachelors Degree from Edith Cowan University. He is a member of the Chamber of Commerce & Industry WA and Baldivis Rotary, as well as Vice President of the local high school's Parents & Citizens Association. Greg provides personalised and dedicated services to his clients that bigger firms are unable to match.