Wednesday, October 13 2010
Back in July, Scott Francis spoke with Warren Boland on ABC radio about the 7 key things to understand about superannuation. These included:
1 Generally, people who are over the age of 18 and are working are entitled to superannuation contributions at the rate of 9% of their income.
2 Super is your own money, not the Government's money and not your Employer's Money.
3 Superannuation is not an investment - it is a tax effective structure.
4 Fees matter in investing.
5 It can be effective to make extra contributions - especially as you move toward retirement.
6 After the age of 60 all superannuation withdrawals are tax free.
7 If you are over the age of 55 you MUST, in my opinion, investigate a 'transition to retirement' income stream, where you withdraw some superannuation while salary sacrificing you income.
Click on the following link to read the full summary of the program - 7 keys to understanding superannuation
