EP 59 - Growing Your Wealth with Superannuation
In this episode, we provide a comprehensive guide to superannuation in Australia. We explain what superannuation is and how it works, including the different types of contributions, investment options, and tax benefits. We also discuss the factors to consider when choosing a super fund and how to determine the right investment strategy for your superannuation. Plus, we explore the government incentives available to encourage retirement savings and the impact of superannuation on retirement income. Whether you're just starting to save for retirement or you're looking to make the most of your existing superannuation, this episode has everything you need to know.
Calculations
Starting investment - $0.00
Yearly investment - $7,000 (assuming salary of $70,000 investing 10% Super Guarantee is currently 10.50%)
Years invested - 40
Annual interest rate - 9%
Calculator | Access here: Money Smart
Disclaimer
A model not a prediction. Results are only estimates, the actual amounts may be higher or lower. We cannot predict things that will affect your decision, such as changing interest rates.
This calculator is not intended to be your sole source of information when making a financial decision.
Assumptions
Initial deposit is made today.
Regular deposits are made at the end of year, month, fortnight, week, or day (according to the deposit frequency you set).
Interest is credited either monthly or annually, in line with standard industry practice.
The delayed start comparison feature will have the same regular deposit frequency.
Episode Sponsor
This episode is brought to you by More Time Financial. A financial planning, money management and financial education company who are on a mission to help young Australians make smarter decisions with their money.
