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Understanding Your Super Statement

1:09 A glowing testimonial for Jason Featherby!
3:00 Paying tax when you salary sacrifice.
5:00 In the next few months, 10 million super statements are going to come out. Why should you care about them and what should you look for?
5:38 (1) For most of us, apart from our family home, super is going to be our largest asset. If we get it right early, take control and make sure it’s invested correctly, we will get to take advantage of the compounded effect of its returns.
5:54 (2) The aged pension isn’t enough to sustain a comfortable retirement on its own. If you’re retired for over 20 years, it’s important to get as much super as you can so that it lasts as long as you do.
6:10 (3) The government offers tax advantages and benefits to contribute into super while we’re working, as well as when you’re retired to draw an income from your super.
6:30 Advice on when you get your super statement.
6:45 (1) One statement is ideal, unless you have a reason for having more than one superannuation account. If you don’t, look to consolidate your accounts.
7:07 (2) Look to see how much you’re paying and what you’re paying for.
8:31 The difference between lending yourself money from your own superannuation fund and lending your superannuation fund money, on commercial terms, to buy a property.
13:26 Is tax payable on trans-pension super accounts?
15:20 Situation: my mother is selling her house. Once the house sells, my sister and I will have power of attorney over her finances before she moves into an aged-care home. Where should we place the money in the interim?
18:29 Discussing the ongoing cost of financial advice.
20:53 Recap: try and consolidate your accounts; look at your fees to see what you’re paying for; make sure that the contribution your employer lists on your payslip is actually what’s going into your account; make sure you know where your money is invested; check your insurances and know what your balance is; and, compare your fund to others to make sure that you’re getting the best returns.

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