Superannuation funds are vital, because they signify the only sure lifeline most people have for their future retirement. To ensure financial freedom during those years, you can engage the services of a professional to help make your superannuation fund as abundant as possible. You can do so by enlisting the services of an accountant or a financial planner. By doing so, you can give your retirement plans the much-needed boost they need in regards to the following key issues:
Understanding taxation regulations
There is a lot of taxation information one needs to know about their super fund. By default, putting money into a super fund means that that money is taxed less. Therefore, by finding ways of putting more money into your super fund, you can reduce the amount of tax you pay overall. An accountant can also help you identify more tax reductions so that you can increase this savings margin. A financial manager can also help you keep your super fund contributions within the prescribed margin. This will ensure you do not accrue an excess that is then taxed at a higher rate.
Investing in your super fund
To further add value to your superannuation fund, your financial helper can look for profitable investments to put your money into. For example, they can put your money in one of the major investments funds, i.e. retail, industry, corporate, public sector or the self-managed fund. If going with the latter, your financial accountant will direct your funds into lucrative investments such as stocks, precious metals, real estate, bonds and fixed accounts among many others. The returns from such investments will balloon your retirement kitty and guarantee you a better life when you retire.
Other ways of growing your super account
Investments aside, your financial accountant or planner can seek other ways to grow your superannuation account. For example, they can advise you on how to sacrifice a part of your salary to go into the fund. They can also structure personal contributions that stick within your super fund limits. If these options are not possible, they can seek ways to maximize government cash injections through co-contribution bonuses or low-income super contributions.
Managing your super funds after maturity
After you hit retirement age, your financial helper will still be invaluable to you. They will manage your account and formulate how you can access the funds in a sustainable manner. They will advise you on how much money you should deduct and at what intervals. This will ensure your money does not run out overnight.
Apart from growing your account, your financial helper, be it your accountant or planner, will take a central role in managing your retirement plans. They will audit your funds regularly, calculate tax deductions, consolidate different funds, and create financial targets for your super fund.