Your superannuation is not a set and forget financial vehicle. Once you have your super in place, it’s important to keep track of it over the years to make sure it’s going to meet the needs of your retirement.
At least yearly, you should be reviewing your portfolio and also meeting with a certified financial planner to get advice on your super. Let’s take a look at a few other ways that you can keep an eye on your super investment.
Question Your Super
Ask yourself questions regularly about your super. Throughout the years, your retirement goals may change so you need to make sure that your super changes with them. One of the most important questions to ask yourself is what your investment time frame is?
Simply put, you need to figure out how much longer you plan on working and you also need to have an estimate on how long you’re going to live for. While the ladder is not set in stone, Aussies are living longer than ever before these days, so it’s important to take your longevity into account.
Other questions that are important to ask is how much risk you’re willing to take with your investments, and how much and often you’re going to contribute?
Life Changes & Investment Strategies
Life happens, and when events in life do occur, it may change your investment strategy and your retirement goals. For example, divorce, losing your job, having children, getting married, selling an asset like your home, all play a part in your investment strategy. As events happen in your life, it’s important to review your super to ensure it’s still meeting your needs.
You Can’t Plan For Everything
There are things that you can’t plan for or can’t change once they happen. Legislative changes and tax laws can have a direct effect on your super. The amount of taxes you have to pay, when you can withdraw it, how much you can withdraw tax-free, etc. These regulations can often change, and when they do, it’s important to know how exactly they affect your super.
Work With a Specialist
Working with a certified financial planner is always the first and best step to keeping an eye on your super. At least yearly it should be reviewed. And again when you go through major life changes. Remember it’s not set and forget. If you don’t keep your eye on it, it’s your retirement that could suffer.
Book a complimentary consultation with Paradise Financial Group today.