Superannuation

Welcome to the YourLifeChoices Superannuation page. We are constantly updating our Superannuation page with the latest government and industry updates.

Use your super wisely

While it’s never too early to plan for retirement, you shouldn’t be put off if you’re starting a little later than you’d prefer and don’t have much of a super balance with which to work. Independent financial advice can help you make the most of what little retirement funding you have; you just have to find the right planner to suit your needs. Visit www.fpa.com.au.

Should you consider a self-managed super fund (SMSF)?
Costs vary for a SMSF and the Australian Securities and Investment Commission (ASIC) recommends a minimum balance of $200,000 for a fund to be cost effective. However, you can start a SMSF with as little as $100,000, as long as you have access to funds to increase the fund balance within a short period of time.

Managing your own super fund may well give you control and financial freedom to achieve your retirement funding goals, but it is onerous; there are risks involved and you need to be sure to meet and follow strict guidelines. It’s important that you have a good level of financial literacy and it’s definitely worthwhile considering a suitable education program before making any commitment. For more details, or to work out if an SMSF really is the best for you, visit www.moneysmart.gov.au.

Find your lost super
With more than $16 billion in unclaimed super looking for a home, Australians are losing out. You may think you know where all your superannuation is, but it is possible to lose track of where your superannuation guarantee charge (SGC) went, especially if you’ve had a few employers. Finding your missing super via the ATO’s SuperSeeker may give your retirement savings the boost they need. Visit www.ato.gov.au.

Accessing your super early
Strict rules apply to accessing superannuation benefits and before doing so members are required to satisfy a Condition of Release. One of the possible situations when early release of super (prior to age 65), is granted is Severe Financial Hardship.

While we hope that we never need to access funds for this reason, situations out of our control such as drought and other natural disasters, loss of employment, unexpected health or family issues can lead to financial hardship. Find out more information regarding the early release of benefits due to Severe Financial Hardship.

Make super fair in two minutes

Make super fair in two minutes

In this short video, a 10-year-old explains how to make super fair for all.

Top Stories

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Superannuation and life insurance

Superannuation and life insurance

Life insurance within and outside of superannuation explained.

The high cost of retirement

The high cost of retirement

Retirement in Australia now requires a $1.5 million nest egg.

MySuper explained

MySuper explained

MySuper has been around for almost two years, but do you know how it works?

Hands off super: Costello

Hands off super: Costello

Peter Costello has warned the government against tinkering with our superannuation system.

SMSF

Starting a pension from an SMSF

Barry is unsure of the process of retiring and advising his SMSF.

What to do next?

How much is needed for an SMSF?

Keith is questioning whether he has sufficient funds to start an SMSF.

Is $200,000 enough?

Online self managed super funds

Are online SMSFs reputable and do you really need one?

Are online SMSFs a good idea?

Super Funds

Do you have the right super fund?

A new year is a good time to review how insurance premiums may be eroding your super balance.

Is your balance dropping?

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