Time to review your super

For many Australians, superannuation represents their largest financial investment aside from their home, largely due to the benefits of compounding interest.

Now is a good time to review your super and contributions - so you can plan for the last few months of the 2020/21 financial year.

Acting on your super now

The importance of when you start investing in super can outweigh how much you invest. A little bit earlier on can mean a lot later.

You can find more information about contribution limits, including the bring-forward and carry-forward rules here: legalsuper.com.au/contribution-limits.

All contributions to super enjoy the benefit of compounding interest over time. With every contribution, you take one more step towards financial security in retirement.

Planning for your future

It’s easy to put off thinking about retirement planning, especially if thinking about it conjures up feelings of apprehension and anxiety.

A little bit of preparation and a helping hand can go a long way in ensuring you’re emotionally and financially ready for the road ahead.

There are a few steps you can take to kick-start your peace of mind.

1. Understand your time horizon and retirement needs
2. Set some goals
3. See how your tracking
4. Plan your strategy

Once you have the information you need, you can start to look at any lifestyle or contribution changes required to get where you want to be.

Is it too late?

If you aren’t feeling confident, you’re not alone – it’s good to know it’s never too late. There are various strategies to make the most of any situation.

One approach to consider is a ‘Transition to Retirement’ (TTR) strategy.  A TTR strategy allows you to open an 'account-based pension', from which you can withdraw a regular income, keeping the majority of your superannuation invested and working for you.

It can be effective for those seeking to supplement part-time work income or simply to tax-effectively boost retirement savings.

Hands-on support

legalsuper remains committed to providing personal support through its national team of highly experienced Client Service Managers. There is no consultation fee.

Our team offers one-to-one general advice regarding all things super, including:

• contributions and investment options;
• retirement strategies
• insurance and beneficiaries;
• tailored workplace events and seminars;
• SMSF pros and cons
• streamlining your super admin; and more.

Send us a message for some hands-on assistance reviewing your super ahead of the end of the financial year.

Send us a message...

A customer representative will be in touch regarding your message within two business days.

If you are making an enquiry about your legalsuper member account, the more information you provide when you complete this form, the more quickly we can verify your identity and respond to your request.

Thank you for your message

One of our customer representatives will be in touch within two business days. 

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Superannuation, time + money

Nicole Heales 11 Apr 2019

There truly is something almost magical out there in the world of investing. It’s called compounding interest, and it’s very simple. It’s the combination of time and money, and how they work so well together, when used in the right sequence.

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This is general information only and does not take into account your individual objectives, financial situation or needs. It should not be considered personal advice. Before taking any action, you should consider whether it is appropriate to you, having regard to your objectives, financial situation and needs. You should obtain a copy of legalsuper’s Product Disclosure Statement (PDS) which is available by contacting legalsuper or via legalsuper.com.au before making a decision. Past performance is not a guide to future performance.