Superannuation Financial Planning Services

Take control of your future today

What is superannuation?

Superannuation is money saved during your working life for you to live on when you retire. When you start working, your employer pays money towards your superannuation generally into an account of your choice. You begin earning superannuation as soon as you start employment, so it’s important for both younger and older people to consider. Based in Chatswood, StrategyOne offer expert financial advice on superannuation across North Sydney, so you can understand exactly how it works and how to utilise it most effectively.

Why do you need superannuation?

For many people, superannuation is their main form of income when they retire. That’s why it’s important to have superannuation savings and to add to it when you can so that you’ll have enough money to live on once you have retired. Financial planning and analysis surrounding your superannuation is important for this reason.

Superannuation has become increasingly important over the years as successive federal governments realise that the age pension cannot provide adequate retirement income for all Australians.

Superannuation is the foundation of financial security

Not just the security of having enough to live on in retirement, but the peace of mind that comes from having adequate resources to meet any unforeseeable circumstance in life, including time out of the workforce, sickness, permanent disability and death of a family member. If you need financial advice on your superannuation, StrategyOne has the answers.

Make your superannuation work for you

Whether your superannuation is a self-managed fund or an industry fund, it is still your money and needs to be managed appropriately. Too often, busy professionals don’t prioritise the review of their super’s performance and the actions needed to ensure their funds perform, leaving it to turn over, year-in, year-out. Many young people will neglect to review their super at all, leaving them unaware of any potential problems or improvements that could be made.

Since the global financial crisis (GFC) and COVID-19 Pandemic, superannuation funds have been hit hard. Many people have had to postpone or change their retirement plans as their superannuation provisions are no longer sufficient to meet their retirement income goals. Some have even been forced to sell their investments prematurely in order to meet unexpected expenses. For some people, the GFC has awoken them to the importance of actively managing their superannuation savings. Our financial planning takes these situations into account, leaving you better prepared for what may lie ahead. If you have been impacted by COVID-19 contact one of our professional financial advisors today to ensure you have the right strategy for the future.

Boosting your superannuation effectively

The concessional tax treatment of superannuation makes it an attractive investment to build your financial security. Strategies can include splitting superannuation with your spouse and maximising the government co-contribution. It’s great to make this a habit early on, allowing you to progressively grow your superannuation as you get older.

Everyone’s circumstances are different, with tax considerations, long-term financial goals and risk profiles to be considered. A certified financial planner can help you understand complicated concepts such as contribution caps and salary sacrifice arrangements. Our financial advice will allow you to bridge the gap and utilise your knowledge to invest in your superannuation in a smart way that suits your individual circumstances.

Smart Insurance Planning and Superannuation

Superannuation can be a tax effective way to provide death and disability insurance, within certain limits. Premiums for personal insurance cover via a non-super policy are generally paid with after-tax dollars. On the other hand, premiums paid through a super fund can effectively be funded from concessionally taxed super contributions. In addition, tax concessions can apply to super benefits paid as a result of death, terminal illness or total and permanent disability. For instance, if you have taken out a life insurance cover via your super fund, the proceeds from your life cover can be paid out completely tax free to your tax dependants like your spouse and dependent children. Smart insurance planning can ensure that your superannuation is set up correctly for life insurance purposes.

Life insurance premiums paid through a superannuation are generally lower than similar cover outside of super as funds use their buying power to negotiate group or wholesale rates.

Finally, as premiums are automatically deducted from your super balance, it can be a great way to help you manage your cash flow especially in times of employment uncertainty, while at the same time ensuring that the financial security of your family is not jeopardised.

As with all insurances, it is important to know whether your amount of cover is adequate, the exclusions applied by various insurers, and the potential delays during claim times. It is our job to provide you with financial advice that will assist you in addressing all your insurance concerns and structure the most appropriate vehicle for your life insurance cover.

Choosing a self managed super fund

In a volatile market, people often set up a self-managed super fund (SMSF) thinking that they can achieve better results on their own. Whilst a SMSF can be cost effective and give more flexibility and control over tax outcomes and investment choices, it is important to take a wholistic view when deciding whether a SMSF is better for you. Despite the advantages, the decision to commence a SMSF as your preferred superannuation fund should not be undertaken lightly.

Consideration should be given to your level of interest in your portfolio, your risk profile, your financial goals and level of available assets. It is important to be aware of and understand the potential disadvantages including the risk of non-compliance under the SIS legislation, the costs of running a SMSF and the time requirements for the ongoing management of the fund. Although the individual has a degree of control over the level of involvement, the minimum level of involvement required is greater when compared with having funds invested in a public offer superannuation fund. Whatever your planning, we offer relevant financial advice to help you choose the right option for you.

Given the potential costs and risks associated with running a SMSF, this type of vehicle is only appropriate for large super balances. Consult a StrategyOne certified financial planner to discuss your situation and whether or not a SMSF is the right choice for you.

What assets can I invest in superannuation?

Generally, Managed Investment Funds or Direct shares can be invested in superannuation, and you can also invest physical assets such as property and art, but this depends on the type of super fund you own.

Basic super funds, such as most industry funds, allow a restricted number of investment choices such as “Balanced”. However, it is not always clear what your money is being invested in.

Wrap Accounts are an administration service that bundles a portfolio of investments together. This structure allows you the flexibility of investing in term deposits, direct shares (sometimes international shares) and hundreds of professionally managed funds. A wrap account gives you the freedom and flexibility to decide where your money goes.

Self Managed Super Funds, mentioned above, have the most flexibility allowing investment in almost any managed fund, direct share or financial investment but also physical assets such as property, art and collectables to be invested assets. It is important to note there are strict laws governing the way SMSF’s are set up and monitored, however they present great opportunities for clients wanting more flexibility with their superannuation investments. If you’re looking to set up a SMSF, we will provide you with the financial advice to do so successfully.

If you would like to learn more about how our financial advisors can help you take control of your future today, please contact us on (02) 9419 5233. Our certified financial planners offer superannuation advice and financial advice in North Sydney and surrounding suburbs.

General advice warning:

The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product. We recommend you consult a professional financial planner who will assist you.

Our FSG is an important document which provides information about us in order to help you decide whether to use our financial services and we encourage you to read the full FSG.

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