FAQs About Superannuation

Superannuation is savings put aside for a retirement or if one becomes an invalid or for the beneficiaries upon the contributor’s death. Most people consider this as an excellent form of retirement because 4 primary reasons.

Superannuation FAQs

What will happen to the money?

Your super will be invested either in shares, fixed interest securities, cash, or in property.

Can you decide what your super is invested in?

Generally, you can decide if you want your super in balanced, growth or conservative funds and in what proportions.

How much can you contribute?

Before making contributions, it would be best for you to get the right advice. Be reminded that if you get it wrong, you can actually be it with a penalty tax.

Do you save tax?

Yes. Experts say that significant tax concessions make super a very attractive form of saving.

When can you get your super?

The general rule says that you can get access to your super if you reach preservation age and retire or when you turn 65, even when you aren’t retired yet. However, there are instances wherein you might be allowed to get it earlier.

What happens to your super when you die early?

Most funds will let you nominate who you want your death benefit paid to. Know that if it is paid to people who are not your dependants, it might be taxed.

Trivia Info Resource: www.miradorwealth.com.au