Planning retirement is about more than simply setting up a superannuation fund – as with any investment, there are ways in which you can make sure your cash is reaching its full potential.
Few people have the time they need to sit down and review all their investments, which is why seeking superannuation advice can be especially valuable.
A financial planning advisor will be able to take a look at what funds you have and offer guidance on what you should be doing to make the most of them.
In some cases, these small changes could make more of an impact than you think!
Selling assets for super contributions
If you have assets that you are willing to sell, then doing so could be a wise move.
It is possible to pay the proceeds into your superannuation fund, which in turn could give rise to some tax benefits. This is something a financial expert can advise you on.
Bring your super accounts together
The chances are that if you've had a number of jobs over the years then you will have more than one super account.
If this is the case, think about pooling them so that you can not only keep track of your money but also get the most out of it.
You could also find that your fees are lowered as a result of doing this, giving you more money in the pot when it is time to retire.
Pay into a spouse's account
If you are a low-income earner, there can be benefits for making contributions to your spouse's super.
This can reduce your tax liability and boost savings in your joint retirement.
In some cases, you might even be able to claim a tax offset of 18 per cent on contributions up to $3,000.
Concessional super contributions
If you are already over the age of 50 then why not think about concessional super contributions?
This means you can add as much as $25,000 a year to your superannuation account at a concessional rate, which can bring enormous benefits.
These changes came into force on July 1 2012 – it is even possible that in the future, the cap may be increased to $50,000 for those with total super balances of $500,000 or under.
Seeking super advice is the best way to determine how you can make the most of concessional contributions and use them to your advantage.
ipac is one of Australia's largest financial advisory firms and has offices based across the country. A wholly-owned subsidiary of the AMP Group, ipac specialises in research and financial advice that helps clients lead happier, more fulfilling lives.