Your superannuation fund is your ticket to a comfortable life after retirement. Naturally, the more funds you can accumulate in your fund before retiring, the better off you'll be in your sunset years. It is for this reason that you should seek to work with an accountant as far as your superannuation is concerned. They can help you grow your account in a number of ways:
Planning fund targets
The superannuation fund should be treated to the fundamentals of any other investment. Contributions should be made regularly; they should be stable; and they should increase with time as your personal income increases as well. Your accountant can ensure that this happens by drawing up targets based on your income. They will calculate how much you need to save up monthly and yearly. They will also monitor your account regularly and advise you on what changes to make from time to time.
To ensure you have a cozy retirement waiting for you, your accountant will also seek to ensure that you maximize your superannuation contributions. Apart from waiting for your employer to make the monthly contributions, you can help out by foregoing some of your pre-tax salary and having your employer put it into the fund. You can also make your very own direct contributions, post-tax. All these efforts will ensure your meet, or boost, your fund targets.
Seeking government contributions
Your accountant can also ensure that you tap into government resources to meet your retirement targets. This can mainly be reached by seeking co-contributions and low-income super contributions. The former is obtained when you deposit your own after-tax contributions into the fund, while low-income super contributions are added funds given to those earning on the lower side. Depending on where you live, your accountant can ensure you benefit from these two funds.
Staying below the upper limit
Although it's good to strive to put as much funds as possible into the superannuation kitty, contributing above a certain limit can attract high taxes. Your accountant will advice you on what your limit is, depending on your income level. This will ensure that you do no sabotage your own retirement by being overzealous.
Investing the funds
Your accountant can also help grow your superannuation fund by investing your funds in various investments. He or she can advise you on whether to put the money in established investment funds or whether to make direct investments through a self-managed fund. This will depend on your risk appetite and how much funds you have. Invested well, your superannuation funds can grow steadily, giving your retirement kitty a big boost.
Want a better future after retirement? Seek the expertise of experienced accountants and start growing your superannuation fundShare