Freecall 1800 025 241

MON - FRI 8:30AM - 5PM (NSW TIME)

How Life Events Affect My Super

Managing your finances means not only keeping track of your current financial situation but also that of your future finances such as your super.  Any major life events, or significant changes to your life, will have an effect on your finances, even though the changes to your super may not be immediately realised. It is, however, important to understand how life events impact your super in order to make informed decisions about it and your financial future.

Life changes that can affect your super include a variety of events that most people will encounter at some point in their lives. Some of these types of events include starting a job, getting married, buying a home, having children, getting a tax refund or an inheritance, getting a separation or divorce, the death of a spouse, having an illness, redundancy, or losing a job.  There are of course, plenty of other events that could be considered to be major life changes and each will affect your super in different ways. Below we take a closer look at some of the most common life events along with the types of changes that can occur with your super.

Getting Married

Starting a life with someone is a major event and one which usually requires updating your information on current insurance policies and bank accounts as well as discussions about your shared finances and goals. It may also be time to revisit your super, learn about the spouse contribution scheme, update beneficiary information and consider ways to build your super together.

Becoming Ill

Besides the physical stress and hardship associated with illness, medical bills and loss of work can cause undue hardships on anyone. If the financial burden is particularly debilitating, you may qualify for the early release of some or all of your super.  The circumstances under which the Government allows for the early access of your super is quite specific – these are outlined with additional information on the Australian Taxation Office website.   

Having a Child

Starting a family is a major step and typically brings a wide variety of changes to your life. Parental leave or time off from work for childbirth, child rearing, etc. can cause interruptions to your super contributions. You may have access to some form of Government assistance through your super which you should take advantage of, especially if only one spouse is working, and after the baby is born, it is important to know how to get your contributions back on track.

These are just a few of the ways that your super can be affected by events in your life but there are many more unexpected and unplanned situations that can and do occur.

At Nationwide Super, we understand that changes can have a profound effect on your business and personal life, particularly your financial situation, and which also can impact your financial security for the future. That’s why we strive to simplify the complexities involved with managing, protecting, and building your super.  For more help with determining how a life event may affect your super or for additional information on other ways we can assist you with your super, contact us today.

 

Woman saving money in a piggybank - representing making extra contributions to her superannuation

How To Boost Your Super

Your superannuation is a key investment when it comes to saving for your retirement, and there are ways you can boost these savings. Your employer will contribute an amount equal to 9.5% of your salary into your super, and you may also contribute additional money as Concessional Contributions or Non-Concessional Contributions. Find out more.

Keep Reading

wedding couple at night with lighting and cafe in background

How Life Events Affect My Super

Life changes that can affect your super include a variety of events that most people will encounter at some point in their lives. Some of these types of events include starting a job, getting married, buying a home, having children, getting a tax refund or an inheritance, getting a separation or divorce, the death of a spouse, having an illness, redundancy, or losing a job. Learn more.

Keep Reading

Retired man drinking a coffee

What is the Age Pension?

The Age Pension is a government income support payment paid to eligible Australians who have reached Age Pension age.  The Age Pension is income and assets tested which means the amount you can get will depend on any other income you receive (from super, investments and paid work) and on the assets you own. Learn more.

Keep Reading

Young woman with a piggy bank, representing savings and superannuation for retirement

Planning Ahead For Your Desired Retirement

If you desire to live large during your retirement, you may need up to $1 million to finance your lifestyle. Getting there will require more than the Age Pension. You will need to consider additional strategies like boosting your super savings or extra investment. Learn more.

Keep Reading

Before you leave...
Are you a small business owner?
Submit your email address to receive a FREE Website Marketing Report, and tips to help you manage your business.
SUBMIT