Superannuation Advice

It’s your choice.

While it may feel like a long way away, it’s never too early to start thinking about your retirement and optimising your superannuation account.

Despite numerous changes to superannuation and pension funds over the years, ‘super’ remains a highly tax-effective way to save for retirement. And while it is by no means the only way to grow your wealth, superannuation should play a significant role in your overall financial strategy.

Essentially there are three types of superannuation funds in Australia, each with its own unique advantages (and disadvantages): ‘industry’, ‘retail’, and ‘self-managed’. While any one of these options can work well, the challenge is finding the most appropriate solution for you.

If you’re unsure about your new or existing super fund, it’s important to get a second opinion. A qualified financial advisor will consider your retirement goals and preferences, narrowing down the superannuation universe to a few ‘best’ alternatives.

Over 40 years of expert financial advice from Westmount Financial

Westmount Financial is a long-established Perth-based financial advisor specialising in optimising superannuation funds and retirement strategies. We take the time to get to know you and your financial ‘profile' to ensure you comfortably achieve your retirement goals with a clear path to a happier, more enjoyable retirement lifestyle. Contact Westmount Financial today for an initial consultation.

Rick Maggi, Financial Advisor, Perth

FAQs

  • Superannuation is a type of savings plan designed to provide Australians with income for retirement. Employers contribute a percentage of your salary into a super fund, which is then invested to grow over time. Individuals can also make voluntary contributions to increase their retirement savings.

    Australians can access their super as a lump sum or through regular payments once they reach their “preservation age”. This is typically between the ages 55 and 60, depending on the year you were born, or when you reach age 65.

  • Australia's current superannuation guarantee rate is 11.5% of ordinary earnings (OE). This is the minimum amount employers must contribute to their employees' superannuation funds. The rate is scheduled to gradually increase, reaching 12% by 1 July 2025, ensuring Australians have enough funds to support their lifestyle during retirement.

  • Having multiple superannuation accounts can result in paying multiple sets of fees, which can reduce your overall retirement savings. It’s a good idea to consolidate your accounts into one to avoid unnecessary fees and simplify managing your super.

    An experienced financial advisor can help you consolidate your super accounts and determine the most cost-effective account that maximises your returns.

  • This will depend on the super fund you select. Superannuation funds are typically invested in a variety of asset classes, such as shares, property, bonds and cash. Each fund offers different investment options based on risk and return profiles.

    Depending on your risk tolerance and retirement goals, you can usually choose from conservative, balanced or growth portfolios. Working with a financial advisor ensures that your funds are invested in assets that align with your values and retirement goals.

  • Superannuation funds typically charge several fees, including administration fees, investment management fees and insurance premiums. Some funds may also charge performance fees if they exceed certain return benchmarks. Remember that these fees are deducted directly from your super balance, so review them regularly to ensure you’re not paying excessive fees that could impact your retirement savings.