Steps to a healthy new financial year
July 11, 2019
Retirement might still seem a long way away but it’s never too early to get your financial house in order. And there’s no better time than the new financial year.
Even if you’re getting close to retirement there’s still time to put these steps in place.
Your checklist to a healthy new financial year
Check your super
Log in to SuperOnline to check your super balance. If you haven’t used SuperOnline yet it’s easy to start .The dashboard gives you a clear summary of your super and enables you to check the progress, see if you’re nearing your contributions cap*, update your beneficiaries, review your investment options and even see how much you’re estimated to have when you retire with our Retirement Income Projector. You’ll be able to see how you’re tracking and if you’re likely to have enough money to retire on.
Play with our calculators
If you’ve worked out how much you’re likely to retire on it can be helpful to see how this can translate into a regular income. After all, it’s this income that will influence the type of lifestyle you can enjoy. Check the calculator to see what your balance would mean as an annual income. Then it might be worth comparing this to the ASFA Retirement Standard which estimates that a couple who wish to live a ‘comfortable lifestyle’ will spend about $60,000 a year on living costs.^Pool your funds
Two of the most productive steps you can take to boost your super are consolidating your funds and contributing more. Locating and consolidating your super to one account may save you paying unnecessary fees and you can easily do this via your SuperOnline account. It’s also worth checking the ATO website to see if you have any ‘lost’ super.
Recent changes mean that’s it’s easier to make pre-tax concessional contributions to boost your super and, you can now ‘carry forward’ any unused caps for up to five years. See how it works and if you’re eligible.
Seek some help
It can be hard to work this all out on you own but help is at hand. Whether it’s simple advice over the phone, or more comprehensive advice TelstraSuper Financial Planning has a team of qualified Advisers to support you – call 1300 033 166.
*For contributions made to TelstraSuper only.
^ https://www.superannuation.asn.au/ArticleDocuments/269/ASFA-RetirementStandard-Budgets-Dec2018.pdf.aspx?Embed=Y