changes to super in australia, superannuation changes 2017,

You may have heard on the news that changes to the superannuation system are coming into effect on 1 July 2017. If you are still unsure on what these changes are or whether you will be affected, find our overview of the changes here.

The changes to super are affecting a range of people within the system, however without a deep understanding of the complex system it becomes difficult to understand and act upon these changes. This means that some existing super arrangements will become ineffective and potentially breach the new rules, meaning Australians will be missing out on building their retirement savings.

Why is having more super important?

You might be thinking that you have many years ahead of you to develop your nest egg savings through your employer’s compulsory Super Guarantee (SG) contributions. However, Deloitte Actuaries & Consultants’ 2014 report Adequacy and the Australian Superannuation System found that relying on SG contributions may not be enough to fund the type of lifestyle you’re aiming for when you stop working. This also takes into account that your employer will gradually increase SG contributions from 9.5% to 12% over the coming years.

With life expectancy much higher than that of previous generations, it’s vital that Australians stop procrastinating the topic of super. And thanks to medical advances, we’re in better health than ever before meaning that you’ll need more money than past generations to fund the long and active retirement ahead of you.

super changes in australia mark gashi

 

 

 

 

 

I can’t stress enough the importance of committing more time and energy towards planning for a comfortable retirement. In saying this, it doesn’t have to be a difficult nor tedious task to put yourself in the best position for the future. By speaking to a financial adviser at MG Financial Services, your super will be handled by people that deal with super every day. This means we have the knowledge and tools to help you boost your super savings and provide peace of mind that you’re following the best possible strategy.

Why should I review my super arrangements now?

With the reforms coming in on 1 July 2017, you could be missing a great opportunity to boost your super before legislation changes. Your existing arrangements can also be altered to make the most of new super changes.

Mark GashiThis is your last opportunity to take advantage of a financial adviser’s knowledge before the reforms take effect. Call MG Financial Services on 03 9523 6500 or email reception@mgaccountants.com.au to secure your review appointment today.

We’re also happy to have a phone chat, should you wish to discuss the impact the changes will have on your existing arrangements to advise whether you should come in for a review.


 

MG Financial Services Pty Ltd ABN 71 419 516 618 provides financial planning services as an Authorised Representative of Count. ‘Count’ and Count Wealth Accountants® are the trading names of Count Financial Limited, ABN 19 001 974 625 Australian Financial Services Licence Holder Number 227232 (‘Count’) a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. Count is a Professional Partner of the Financial Planning Association of Australia Limited.

The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

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