Your Retirement Account (Superannuation or Roth IRA or Roth Sep or 401K)

-
How to Save Money for Your Retirement (Superannuation)  


  1. Start looking into this now. Money is compounding. 1% difference can be costly in 20-30 years time. And may affect your ability to retire.
  2. Use up all of your super co-contributions benefits.
  3. Find  your lost super by:
    1. Visiting the Australian Tax Office website at www.ato.gov.au.
    2. Checking your mygov account at https://my.gov.au/.
    3. Checking your previous super statements.
  4. Consolidate all of your superannuation. How to consolidate your super?
    1. Log in to your mygov websiteat https://my.gov.au/.
    2. Grab all details of your super accounts (super provider and your account number)
    3. Call the superannuation provider and ask for  the transfer form.
    4. Fill in the form, sign it and mail it back to the super provider.
    5. In 1 week, call them up to check if they have received and processed your request.
    6. In 2 months, check if it’s consolidated by checking your  Mygov account.
  5. Check  the amount of fees that you are currently paying to your super provider - 1.5% pa is pretty reasonable.
  6. Check into the benefits and the criteria for benefits payout that you have in your account.
    1. Do you have death benefit?
    2. Do you have death and total permanent disability benefits?
    3. Do you have income protection insurance from your superannuation?
    4. Be aware of the criteria to claim the benefits.
    5. Be aware of the benefits payouts as well.
  7. Update your beneficiaries, ensure your money won't be bestowed to the government if your beneficiaries are not updated at the time of your death.
  8. Update your will, too, to support your beneficiary appointment at your super.
  9. Ensure you earn reasonable and competitive returns in your super, by looking into the superannuation benchmark return from APRA.
  10. Consider salary sacrificing your superannuation if you are the right stage to do so.
  11. Find out where you invested your money in. Normally you have a say on where you want to invest your money in. So update your investment allocation according to your life’s needs.

Bonus tip: re-invest your Tax Refunds into your retirement account (be it Superannuation, SMSF (self managed super funds), 401K, Roth IRA etc).

Comments

Post a Comment

Please leave a comment below

Popular posts from this blog

How to stick to your budget

-
Image
1. Know exactly all of your expenses . List all of your expenses - write all of them down to the specific and exact details. Know exactly the following detail about your expenses: i). What are they? Gas bill, electricity bill, water bill,  hot water bill, food or grocery bill, home phone & internet bill,  mobile phone bill, private health insurance bill, public transport tickets, fuel costs, car insurance bill, home insurance bills (building & content insurance, or renter's insurance), rent or mortgage payment, council rates, body corporate rates, socialising and  entertainment expenses, etc. ii). Know when are they due, to the exact date or if not possible, to the exact period. For example, I know exactly that my mobile phone will be due on every 25th of the month, my private health insurance will be due on exactly every 1st of the month. For my annual home insurance bill, annual car registration cost and annual landlord's insurance bills, I k...
Read more

Life lessons for 20 something

-
Work part time whilst studying . Not just for the money, but also for the precious skills. Because in working life, you won'the get promoted just because you complete cases well, but because of who you know, because of your people management skills, etc. Where to work? Work for someone who will invest in your development. Work in a place where you can gain skills that allows you to move up the career ladder. Work in a place where someone is willing to mentor you - to develop you, personally. Work in a place where you can gain a proper graduate placement once you obtain your qualification. Save your money . The cost of living once you graduated will be high. Think in terms of cost of purchasing a house, cost of wedding and (sooner than you will realise) cost of family (wife, parents and child, and later, children's education cost). Invest in shares. And reinvest the dividend s. If you have a bit more money, invest in property. Buy an investment property that will p...
Read more

How to really save money?

-
I am a very good money manager. I save a very high amount of my salary consistently every payday. I was saving 75% of my income consistently in the last three years. I have zero debt. I paid everything, including car, with cash - no loans. I aimed to be able to afford a house with cash, too. I am not a weirdo frugal. I wear reasonably nice clothes, shoes and accessories (bags, watch and jewellery). I go out and enjoy nice dinners occasionally. And no, I am not a high income earner. I earn $70,000 gross per year. And no, I don't earn any bonuses at all. And no, I don't get anything (money, gifts, presents, bribes, or anything alike) from anyone, at all. People always come up to me and literally complained, "why can you have that?" "how do you  afford that?" "how do you have enough money?" "you must have a rich boyfriend!" All sort of negativities. I always say "save, have zero debt and pay cash for everything." May b...
Read more