What is super and why you should care
The importance of Super
Whether you have just got your first job, looking to sort out your finances prior to Haji, or are getting close to retiring, superannuation is very important to your long-term wealth creation.
Superannuation is part of your income, it’s your money that is invested into your nominated superannuation fund, by your employer, on a regular basis. For most Australians, superannuation will be your second largest asset at retirement after your family home.
Thanks to superannuation guarantee contributions that are made by your employer over the course of your working life, you are more likely to eventually have significant savings that can help pay for your life after work.
Super is a long-term investment
Superannuation, by definition, means a regular payment made into a fund towards a future pension; this means that you typically can’t access your money until after you retire. However, even if retirement is a long way off, it’s essential to engage with your super once you enter the workforce to realise its future benefits.
Equally important is reviewing your super regularly to meet your changing life experiences and conditions, along with your long-term goals.
10 Halal Super tips & strategies if you are in your 20s
10 Halal Super tips & strategies if you are in your 30s or 40s
10 Halal Super tips & strategies if you are in your 50s
10 Halal Super tips & strategies if you are in your 60s or 70s
Super Tax Incentives
There are a number of different ways you could potential lower the income tax you pay. Options will be based on your unique situation and circumstances. These include:
How Super Is Taxed in Australia: A Superannuation Guide For Beginners
Tax-Deductible Superannuation Contributions: How Does It Work For Your Halal Super?
Protect you & loved ones through insurance
Insurance cover through your superannuation fund can help provide financial security to you and your family in the event of disability or death. There are three types of insurance available through Crescent Wealth super funds:
This is paid as a lump sum into your super account if you are diagnosed with a terminal illness or when you die. The balance of your super account is then payable to your beneficiaries
Total and permanent disablement (TPD)
This is paid as a lump sum into your super account if you can no longer work due to a total and permanent disability, and you are unlikely to engage in gainful employment for which you are reasonably qualified. If the trustee is satisfied you are permanently incapacitated, your super account balance can be accessed.
This is paid as a regular payment and is a replacement income paid to you if you suffer an illness or injury which temporarily prevents you from working.