Superannuation
There was a time when your savings and the pension were all you needed for retirement. Now, with people living longer into retirement, there is greater pressure to find ways to make your funds last longer. Superannuation is one of the most tax effective means of growing your retirement savings.
There are a number of factors you need to consider when making decisions about your superannuation such as:
- your age
- how long you have left in the workforce
- most superannuation contributions are required to be held in a fund until your earliest retirement age, which in most cases is age 55
- your current debt levels
- possible expenses after retirement (holidays, cars etc.)
- life expectancy
- your expectations of risk and return
