Want some extra down the track? Sounds Super!
Did you know, that at last count only 5.1% of Australians are able to fund their retirement without relying on the aged pension or Centrelink?
At Rising Tide we sit down with hundreds of twenty, thirty & forty-something clients who hold their superannuation in the same vein as Monopoly money.
You know the drill… multiple accounts from different jobs you have had, not knowing who looks after the money, right to the point where you aren’t even sure how much is saved in the account.
Fortunately, it doesn’t take much to change this, and your future fortunes!
It can be as simple as reviewing which of your current superannuation accounts suits your personal situation best (it doesn’t all come down to fees) and finding out how you can utilize superannuation to stop paying so much tax, and the rest is history (or the future!).
Now whilst this sounds incredibly simple, we want to show you firsthand what effect a few changes can make.
Meet Max. He is 27 years old & earns $80,000, and his employer is contributing $7,400 to superannuation on his behalf.
Max has worked in 3 jobs since he finished high school – one at a retail sports store, one in sports administration & now in his current job as an IT consultant. Unfortunately, with each of these 3 jobs Max’s employer opened up a new super fund for him.
The combined balance of Max’s super funds is $26,000, of which the majority is sitting with his current super fund.
Once Max sat down with his adviser at Rising Tide, we were able to advise him that the super fund which was set up by his first retail employer was going to be the best fit for him. The investment choices suited how much risk he was comfortable taking and the fees were competitive.
By rolling his superannuation into one account, reducing his fees and ensuring that it matched his personal situation, Max was able to increase his retirement income by over $12,000 per annum*, as long as he keeps earning the same wage & works until he is 65.
*based a high growth portfolio with total fees of 0.70% per annum & performance of 8.25% per annum