Frequently Asked Questions
We get a lot of questions about retirement, super, investment and wealth creation. Here are some of the ones we’re asked the most often.
I don’t understand my super, how does it work?
In simple terms, your super is a way to save for your retirement. Contributions can come from three areas:
- Your employer – your employer is required to contribute 9.5%
- You – you can choose to add to your super fund too
- The Government – sometimes the Australian Government makes co-contributions
These contributions continue to add up until you retire. Your final lump sum benefit is made up of these contributions and market returns, which depend on your investment options. They are then generally paid out to you as a lump sum, which you can then convert to a pension to provide a regular income stream in retirement.
Some people may be part of a defined benefit fund, which pays a regular pension upon retirement.
To find out more about super, including how you can make extra contributions, have a look through the Learn section of our website.
How much money do I need for my retirement?
As simplistic as it might sound, the amount of money you need for your retirement very much depends on what you want to do.
The best thing you can do when you’re planning your retirement is to think about how you want to spend your time and money. Once you have your priorities set, sorting out your retirement savings becomes a lot easier.
Want to know more? Take a look at our video.
What happens to my super if I take a redundancy package?
Redundancy can have a big impact, so it’s important to know about your benefit options.
If you accept a redundancy offer with a view to moving on to a new job, some super schemes will be transferable – you can roll them over.
A redundancy package can also be an opportunity for you to take a holiday, make a career change or start your retirement a little earlier than expected.
There’s so much more to talk about. It’s a good idea to get expert advice about super and redundancy. Call us today on 1800 620 305 and get personalised, detailed information about your options.
How can I maximise my super?
The best way to maximise your superannuation is to make sure you:
- understand your scheme
- contribute the right amount – what you can afford
- get professional advice on your investment portfolio
Need advice on wealth creation and retirement savings? Speak to the experts on 1800 620 305. Get holistic, long term advice from a StatePlus financial planner today.
When can I access my super?
Basically, when you retire, and have reached your preservation age.
That age is different for everyone. For people born before July 1960, it’s 55. The preservation age has gradually increased after this date. For people born after 1 July 1964, the preservation age is 60.
If you’re a member of a defined benefit pension scheme, this could be from your scheme’s ‘minimum retirement age’.
But that’s just a guide. You may be able to retire earlier or you may even choose to work longer.
What tax will I pay on my super?
The amount of tax you pay generally depends on:
- your age
- your balance – how much you want to take out
- what type of contributions you have made
- the nature of your scheme – unfunded or funded
When is the best time to retire?
As you can imagine, it’s different for everyone.
We’re not always in control of when we retire, but the ideal time is when you have a great retirement plan in place to fund all the things you want to do.
If you would like professional advice about retirement planning, now is a great time to speak to the experts. Call us today, on 1800 620 305.
Should I take a pension or lump sum
Choosing between a pension and a lump sum payment is one of the most important decisions you can make about your retirement – and one you can generally only make once.
Doing your research and speaking to a highly qualified financial planner is the best way to make sure you’re fully informed about your options. Call StatePlus today 1800 620 305 and talk to a retirement planning specialist.
What should I bring to an appointment at StatePlus?
All you need to bring to a meeting with a StatePlus financial planner is a readiness to discuss your retirement goals and details of your current financial situation.
It’s never too late to start planning your future. Call us on 1800 620 305 today.
How much will I pay?
At StatePlus there’ll be no surprises when it comes to what you pay. The fee you pay will reflect the advice you actually need and the level of service that you want.
- Your first appointment with a planner is without cost or obligation
- We explain how much your advice will cost in our first meeting with you
- If you only have questions about your State Super or First State Super scheme choices, or how to make the most of your scheme, then the advice will be provided at no cost to you.
Can you help me maximise my super before I retire?
Yes. Come talk to us.
Give us a call on 1800 620 305
If you want to know about something that isn’t covered here, please get in touch with us.
