Superannuation & Wealth Creation
Australia’s unique superannuation system and our Superannuation Guarantee requirement has created an extremely powerful tool in planning for our future.
“It’s never too late OR too early to start a plan”
It is quite likely, that in the not too distant future, there will no longer be a Government provided Pension or even more likely, that it won’t cover all of your most basic living costs. Are you prepared? Are you likely to be able to live the lifestyle you deserve after retirement? Are you thinking about doing something about it?
At Sycon Wealth, our team can assist you with not only consolidating your various Superannuation accounts to minimise fees and maximise growth, but to determine what style of investment platform will be best suited to you. A number of factors must be considered including your age and your tolerance for the risk associated with the investment market. An effective strategy will consider where, when and how much the current ‘you’ should contribute to ensure the future ‘you’ can afford to retire in the best possible financial state.
Sycon Wealth can provide expert financial support to ensure you have the right wealth solution for your unique goals while working with your personal requirements.
- How much should I contribute?
- How much can I expect when I retire?
- How much insurance should I have?
- Should my insurance reside inside Superannuation?
- What type of investments should I choose?
- Can I consolidate other Superannuation funds?
I can’t use my Super anyway,
why worry about where it is?
Your second largest asset is your Superannuation however, there is a misconception that we don’t need to think about Super until we are nearing retirement – “I can’t do anything with that money yet”.
What if you could set up your Superannuation platform to work as hard as you do, to ensure that when the time comes, it is worth something to you…no matter what your starting balance is right now! Make an informed decision about where your Super goes and how it grows.
- People often think of superannuation as a “Forced Savings account” – it is actually a “Forced Long-term Investment account” so what do you know about investing long-term? This is where you have the power to influence how your Superannuation grows.
- Superannuation can be complex but it doesn’t need to be daunting – and the “future you” can’t afford to ignore it. Make some informed decisions now so “future you” can enjoy the rewards.
- Where is your Super? Nearly 50% of all Super Fund members have lost or unclaimed Super. The Government believes there is just under $18billion in Superannuation held in approximately 6.3 million “lost” super accounts. Finding and claiming superannuation that you may have forgotten about or consolidating a number of accounts that are all charging administration fees, is one crucial step to maximizing your retirement potential. We can help you gather all available super balances and get them working for you.
My Employer pays Contributions for me.
Why do I need to do anything?
Employers are required by law to contribute 9.5% of your salary to your nominated Superannuation Fund however these contributions are unlikely to be enough to maintain your current lifestyle once you retire.
Depending on the standard of living and retirement goals that you have set for yourself, your employer contributions may not be enough! A successful retirement plan means taking an interest and acting now.
- In some circumstances, it may be possible to negotiate with your Employer to salary sacrifice a portion of your pre-tax income directly into your Super fund as an extra “Concessional” contribution. There are other financial factors to consider such as your current debt levels and obligations, however it can be tax-effective and is definitely another conversation which our Advisers are happy to assist with.
- Non-concessional (after-tax) contributions can also be a great way to boost your investment opportunities and the long-term tax benefits of holding assets within your Superannuation Fund.
- The introduction of the Government’s First Home Super Saver (FHSS) Scheme could help you secure the deposit for your first home sooner! The FHSS Scheme is designed to help first home buyers save towards a home deposit faster, by making voluntary superannuation contributions. Both Non-Concessional (after-tax) and Concessional (pre-tax) amounts that you have voluntarily contributed to your Super Fund since 1 July 2017, along with the deemed earnings on those funds, can be withdrawn for a home deposit – to a maximum of $30,000 plus the earnings.
Investing & Wealth Creation
Do you have some “savings” that are not currently growing…bank interest will only go so far.
Successful wealth creation must start with a full evaluation of your current financial health. Setting clear, realistic goals; determining an accurate assessment of financial obligations; and putting together an easy to follow budget, will create the building blocks to gauge your ability to invest any surplus funds in an investment portfolio.
- There are many investment opportunities available to further grow your asset without tying it up in Super.
- Tax-effective tactics may increase your ability to grow financially.
Your Sycon Wealth team will help you determine your investment risk tolerance and attitude to investing to enable you to tailor an investment plan that is appropriate for you, your family and your current goals.
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98 Fulcher Road
Red Hill QLD 4059
PO Box 3046
Ashgrove East QLD 4060
07 3858 9090
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The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your personal objectives, financial situation or needs. You should, before you make any decision regarding any information,...
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Disclaimer: The information contained on this website is general in nature and does not take into account the objectives, financial situation or needs of any particular individual. You should consider your personal situation, whether the information is applicable to your needs, and where appropriate, seek personal advice from a financial adviser before making any decisions based on this information.
Fletcher Holmes (Authorised Representative 1239525) and Holmes Financial Pty Ltd (Corporate Authorised Representative 1262254), Dane Beauchamp (Authorised Representative 1234049) and Beauchamp Financial Pty Ltd (Corporate Authorised Representative 1262255), Colin Wilkie (Authorised Representative 1268795) and Wilkie Financial Pty Ltd (Corporate Authorised Representative 1268796), Nick Griffiths (Authorised Representative 1233252) and NJ Wealth Pty Ltd (Corporate Authorised Representative 1267147)
– all t/as Sycon Wealth, are all Authorised Representatives of GPS Wealth Ltd | Australian Financial Services Licence 254 544 | ABN 17 005 482 726 | Ph: 02 8074 8599
NJ Wealth Pty Ltd ABN29 626 287 063 t/as Sycon Wealth is an Authorised Credit Representative of Australian Finance Group Ltd ACL No. 389087.