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How Much Super Do I Need to Retire?

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Retirement might feel like a world away for a lot of us, but many people don’t know how much super you need to retire. Failure to properly prepare for retirement can come as a bit of a nasty surprise when the time does arrive, but there are some things you can implement now to ensure you’re on the right track. Whether you’re planning on doing some travelling, taking up a new hobby or simply enjoying spending time at home, you’ll need to have enough money to live comfortably and fund this dream. Here’s everything you need to know about retirement … Read more

planning for your retirement

Planning For Your Retirement in 4 Steps

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Most of us live a fast-paced, busy lifestyle but when it comes to planning for your retirement, the sooner you start, the better. Too often, people start thinking about their retirement when they’re in their late 50s and realise they haven’t thought far enough ahead to live the retirement they desire. Planning for your retirement can be a complex area and it’s important to understand your options, what strategies are on offer and the future implications of the choices you make now. We’ve shared 4 steps to help you prepare for your retirement, regardless of your age. Have a goal … Read more

A Detailed Guide to Managing Your Super

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Setting up your own self-managed super fund provides you with the freedom to manage your own finances and have a say in what you’re investing in. It can be challenging but managing your own super fund doesn’t have to be put in the ‘too hard’ basket. With some research and the right tools (and maybe a little help from the team at Inovayt!) you’ll be on your way to managing your own super. First thing’s first – what is a self-managed super fund? In the simplest way possible, a self-managed super fund (SMSF) is literally that; you are managing your … Read more

Tax

Superannuation and other tax-related end of financial year considerations

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As we approach the end of the 2020 financial year, amid the chaos of the coronavirus, it is important not to forget end-of-year tax planning. We have highlighted some superannuation and other tax-related issues we think are worth considering. If you have any questions, or you would like to explore opportunities in your own year-end superannuation and tax-related financial planning, please do not hesitate to contact us.  Superannuation-related Considerations: In addition to normal employer contributions, there are a number of ways to contribute to your super, and each way can have a different tax consequence. We have detailed below the … Read more

Getting Your Superannuation In Order Before End Of Financial Year

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Most people associate end of financial year (EOFY) with getting their taxation in order, when in fact there are many components relating to superannuation that are just as important to address at this time of year. Factors such as contributions, the repercussions of income thresholds, incentives and tax offsets, and ensuring your beneficiaries are up to date, all come into play. We’ve put together some basic need-to-know information, and with EOFY vastly approaching, we recommend checking in with these factors now rather than at the final hour. Additional Superannuation Contributions If you intend on making additional contributions to your super … Read more

Understanding superannuation | Woman putting money into a piggy bank

Breaking Down the Basics of Superannuation

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Superannuation funds can seem super complex. But by focusing on just two things – finding a fund with low fees and choosing the right investment options – can hold the key to earning tens of thousands of dollars more for your retirement. And in light of the news that people saving into poorly performing superannuation funds could be up to $530,000 worse off than those who invest in some of the better funds, now is the time to make sure you’re setting your future self up for superannuation success. Spend some time managing your superannuation and understanding how to make … Read more

How to Supersize Your Superannuation

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Retirement might feel like a lifetime away, but once you approach your inevitable career deadline it is too late to plan for a comfortable post-work life. As the average life expectancy in Australia steadily increases into the 80s for both men and women, so does the need to ensure that you’re able to choose to retire comfortably. We aren’t all in a position to secure the age pension, so we need to invest a little time and research into retirement planning. Poor financial planning—particularly for retirement—is unfortunately common for many. Currently, just one-third of retirees in Australia live on a … Read more

The Gig Economy: How to Survive and Thrive Financially

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More and more professionals are embracing Australia’s gig economy, but at a significant financial cost. Amongst millennials in particular, freelancers, contractors, and small start-ups are exerting a growing culture that places emphasis on autonomy, flexibility, and the desire to upskill through sought-after variety. A recent study highlighted a vast trajectory in numbers of remote workers, with the average respondent’s age at 32 years. Fifty percent of respondents earned under $49,000 per year, with twenty five percent in the $50,000 – $99,999 range, showing a clear gravitation from those in lower and medium income brackets. Further, as the business climate becomes … Read more

10 Tips for Getting Your Superannuation in Order Before End of Financial Year

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Most people associate end of financial year (EOFY) with getting their taxation in order, when in fact there are many components relating to superannuation that are just as important to address at this time of year. Factors such as contributions, the repercussions of income thresholds, incentives, and tax offsets, and ensuring your beneficiaries are up to date, all come into play. We’ve put together some basic need-to-know information, and with EOFY vastly approaching, we recommend checking in with these factors now rather than at the final hour. Additional Superannuation Contributions If you intend on making additional contributions to your super … Read more

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