Life Stages
Thinking about retirement? Call on your Quadrant First financial advisor.
What's it all about?
You may think something that you can't access for another 30-40 years is not worth taking time to consider. In reality, super is an important retirement saving tool that we all need. The sooner we start contributing to it, the greater the chance that it has grown to be one of our largest assets when we are ready to retire. Also it is one of the most tax effective ways to save for retirement.
We know that at this stage of your life you are out there busy having fun, but if you get your super set up now you can get on with those enjoyable things life has to offer without the stress of worrying about your super savings later on.
So, how does it work?
For most people, once you start work your employer is obliged by law to contribute at least 9% of your wages into your chosen superannuation account on your behalf. This is called the Superannuation Guarantee (SG) and is the base for your retirement savings.
Both you and your employer can make contributions that accumulate over time and this money is invested in shares, cash, property, or other appropriate investments.
Your Quadrant account works on an accumulation basis with contributions going in and any fees coming out, plus or minus investment earnings. Your money is tied up until you reach your preservation age, probably about the time you are ready to retire.
Insurance bonus
The other bonus is that you can also have income protection, death and disability insurance attached to your super so you won't need to worry about them separately.
