Last week I was suffered from severe toothache. After the doctor’s consultation, he said about the implant treatment. At that time I had no money in my hand. So I contacted my financial advisor he said to me about the superannuation savings. He said that my implant can be access super for dental . With the help of my super fund savings, I got my implant. Not only for dental treatment if you are in an emergency you can also use your super fund investment.
What to do if I didn’t join in any of the super funds?
If you do not select any of the super funds, first your employer will automatically put your super in a default fund of their own. Then the fund will start saving your investment. This is a default option for every employer. And this is a basic step for every super fund. Here you will be saved by 60 per cent as high-risk assets and the remaining 40 per cent is low risk.
My super fund savings and my friend’s savings will be the same?
No, for every super fund savings will not be the same. It differs for all people. If you felt unsatisfied with your super fund you can change your savings option. The growth of your super fund depends on your investment. If you invest less the savings will also be less. If your investment is more your savings will also be high. Some of the super funds have multiple choices in it. You should check and correct the risks of your savings. If you are not able to solve your risks you can change the savings option with the help of your financial advisor.
Tips to grow faster your super fund
To invest in the super fund you need a compulsory contribution that means a limited amount of your salary should be added to your savings. And your salary should be below 450 dollars for a month. Your age should be under 18 and you should work for 30 hours a week. If you are paid you should keep your payment bill safely. This is to identify that the employer is following the law or not.
You can also add some extra money to your super account. The extra amount that you added will be saved in your voluntary contribution. If you do not have any investment or you do not have any idea for buying things you can invest your salary in super funds.
There are two methods like direct transfer and or personal transfer. Between these two taxes, the main difference is tax. Sacrificing your salary is considered for before-tax contributions. The money when you send from your savings will be taxed at a lower rate. If it is a direct transfer contribution it is known as an after-tax contribution. Depends on your personal and health situation you can add money to the voluntary contributions.
If you have your savings in super funds your future will be enjoyable. It reduces the work pressure and makes you relax even after you are aged.