A Squared Financial Solutions Adviser may give advice on superannuation as a part of your financial plan. They have access to comprehensive and independent research that helps them decide which superannuation funds and strategies are right for you.
What is superannuation?
Superannuation is an investment structure that can be used to save for your retirement during your working life. Tax concessions are provided by the government to boost your retirement savings.
Most employees can choose which fund to have their compulsory employer Superannuation Guarantee (SG) contributions paid into. You should check with your employer to determine if you are eligible.
You may also wish to make additional payments into your superannuation account but there are limits that apply on the amount you can contribute.
If you do not choose a fund, your employer will pay your contributions into a default superannuation fund that they have chosen. However, this fund may not meet your needs or goals. A Squared Financial Solutions Adviser can assist you to understand your options.
What is lost superannuation?
If you have changed your name or address or have changed jobs and not told your superannuation fund, you may have ‘lost’ superannuation. Your superannuation is considered ‘lost’ if your superannuation fund has sent mail to you which has been returned or if your account has been inactive for more than 2 years.
Superannuation funds are required by law to provide this information to the Australian Taxation Office (ATO) and the records of this are held in the Lost Members Register.
It was recently reported that there are 5.8 million lost superannuation accounts worth $18.8 billion (source: ATO website). Lost superannuation is money that is not working for your future.
A Squared Financial Solutions Adviser can help you find your lost super. They can also determine which other superannuation strategies can best meet your needs.
Talk to us about how we can put your lost superannuation to work for you
If you believe you have lost superannuation, we will be happy to book an appointment to begin working with you to help you retrieve your lost superannuation and develop a financial plan that is right for you.
To get started, please contact us.