Beware of these 5 Popular Myths about Superannuation
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Posted On :
Mar-25-2021
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Article Word Count :
491
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Superannuation is one of the best and most recommended investments Australians can lean on, but in order to make the most of it, you must know the facts. For those who don’t know, superannuation refers to a portion of your salary collected to fund your retirement.
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Superannuation is one of the best and most recommended investments Australians can lean on, but in order to make the most of it, you must know the facts. For those who don’t know, superannuation refers to a portion of your salary collected to fund your retirement. Superannuation isn’t a complicated concept as some people think. Here are the 5 popular myths about super fund listed by an expert superannuation lawyer in Perth:
Myth 1: Superannuation Paid by the Employer is Sufficient
Fact: The superannuation investment begins as soon as Australians kick off their work life. Several people believe that the current contribution rate of 9.5% will suffice for a good retirement life. Truth is that the expenses during retirement is usually high. Living expenses are on the rise, and there’s also costs relating to travel, healthcare, and more. You can ask for advice from a superannuation lawyer in Perth to know if you should do anything extra besides superannuation to enhance your funds.
Myth 2: I’m Too Young, so Superannuation is not for Me
Fact: Youngsters think they don’t have to worry too much about superannuation, as retirement is too far away for them. The earlier you start, the better. Else, you’ll only end up with minimal savings and increased fee in the future. With superannuation savings as well as your personal contributions, you can have a pretty comfortable retirement life.
Myth 3: Superannuation is a Waste of Money
Fact: No, it’s not. Super is a great investment for all workers, according to a migration lawyer in Perth. The mandatory superannuation scheme was set by the government 30 years ago, and it’s still going strong. Your superannuation funds will only grow over time with compounding interest. The longer you have super, the larger the fund will be. It’s totally worth the money!
Myth 4: Superannuation Money is Inaccessible Until Retirement
Fact: This is only partially true. Just because you cannot fully access your superannuation funds until retirement, does not mean that you don’t have control over it. At the end of the day, it is your money that you’re investing. For those facing financial hardships, you will be eligible for an early access of your superannuation to meet your immediate expenses. A few conditions will be applicable in order to be eligible for the same.
Myth 5: Only an Employed Person can Contribute to Superannuation
Fact: Not at all. There can be a situation when you want to take some time off or explore other employment opportunities. Maybe you’d prefer working part time, instead of committing to a 9 to 5 job. Whether you are employed, self-employed, or unemployed, there are no restrictions in making contributions to your super fund.
If you need more advice on the use of superannuation or any assistance relating to the scheme, get in touch with a certified tax lawyer in Perth today.
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Article Source :
http://www.articleseen.com/Article_Beware of these 5 Popular Myths about Superannuation_326956.aspx
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Author Resource :
The author is a qualified tax lawyer in Perth who has over 4 years’ experience working at a recognised tax firm. He frequently writes articles on taxation, estate planning, and other topics pertaining to finance. For more, visit https://www.munrodoig.com.au/
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Keywords :
superannuation lawyer in Perth, migration lawyer in Perth, tax lawyer in Perth,
Category :
Business
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Business
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