Avoid Retirement Blunders on Your Super Fund

Picture this. You’ve been the hallmark of your organisation. You’ve inspired people and have initiated changes for the benefit of your company. After achievingnumerous milestones in your career, it’s expected for your retirement to reflect a rewarding lifestyle.

Don’t be caught helpless with claims which turn out to be less than what’s due for you. Make sure you’re updated with strategic superannuation tips to fully maximise your retirement benefits.

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Alarming Facts on Superannuation

Employees are usually tempted to put off their super plans and strategies until they’re required to cram for benefits. Think of these facts again before delaying another appointment with a superannuation expert:

  • Losing Benefits in Billions of Dollars

Speaking of lacking good super fund habits, research has found that residents from the Queensland suburb of Toowoomba have lost about $113.6 million in benefits from last year. In fact, almost every single Australian has mismanaged his or her fund, to the point of missing out on $2,582 worth of assistance, nationwide. To sum up all super finances, $18 billion of funds has been misallocated and eventually lost for Australians to reap their benefits from.

  • Frequencies of Dentist Visits vs. Super Reviews

In a survey shared by Sunsuper financial, most Australians find managing their super more taxing than visiting the dentist or having their folks over for the weekend. It can be quite a chore for them to update their accounts on a regular basis. Without the proper discipline in maintaining a super fund, Australians wouldn’t be expected to reap their benefits to the fullest.

  • Large Amounts Do Not Mean a Comfortable Retirement

The pool of budgeted benefits may look hefty.These, however, do not guarantee full coverage for future retirees. With economic factors such as increased inflation ratesand the GFC, increasedbudgets for aperson’s retirement savings won’t suffice a comfortable lifestyle.

Based from research,a typical worker’s superannuation funds reach up toonly $1.1 million at the age of 65. Acomfortable retirement budget should be at an average of $ 1.67 million.

Taking Charge of Your SuperannuationPlan

You’ll need to be more aware of super policies and strategies as you aim to live out a comfortable retirement.

  • Know Your Investment Personality

Every retirement program is unique in as much as every person’s preferred lifestyle varies. You’ve got your habits set out based on the activities which please you. You can be a person who takes things slow until you’ve built on your funds or perhaps you’d rather live it up while experiencing life to the fullest.There will always be specific packages which can prove practical for you to benefit from.

  • Draft Up a Strategy

Basic super practices have broughthundreds and thousands of dollars more into people’s pension funds. These amounts spell the difference between meagre to a comfortable retirement.

Here are some basic strategies used by members, as they gained increased chances of a grand retirement:

  • Self-Managed Superannuation Fund (SMSF)

Be your own trustee and allocate your funds on a wider range of services. This gets you to decide on your pension facilities faster, as you have total control of your money. Just make sure you have enough skills, experience and resources to grow your investments.

  • Taking Chances on Stocks

Experts and investors from top companies can offer considerable amounts of dividends. You can place a small percentage of your contributions to your super portfolio. This not only increases your chances at earning from long-term bonds. You’ll also avoid the pitfall of placing all your eggs in one basket. This means should a fund facility from another organisation fail to work, you’ll have another entity to rely on and provide for you.

Employeesdeserve to reap the rewards of their labour. Make sure you have an expertto advise you of the best super strategy.

Photo Credit: Tori Evans

(Source: http://www.pinterest.com/pin/131026670378498475/)