Retirement is something most of us set aside money for while we’re working, so we can financially support ourselves when we’re no longer earning an income. As we progress through our career and approach our senior years, this begs the question, ‘when should I retire?’. Consider a range of factors before handing in your resignation notice.
If you’re close to retirement, you might be pondering the best ways to access the funds in your super. An increasingly popular method is retirement income streams - regular payments with some tax benefits.
The Australian Taxation Office (ATO) recently revealed that there is $16 billion in lost and unclaimed superannuation, with the balance of these savings having grown by around $2.1 billion since the last financial year. Additionally, data shows that around one in four Australian workers are holding two or more retirement accounts.
Although super is compulsory, your employer may withhold the super guarantee (SG) or not pay the full amount into your account if you’re not paying attention. That’s why it may be sensible to check both your pay slips and your actual superannuation account from time to time to ensure you’re receiving the correct amount.
All superannuation funds charge fees. What you may not realise is that there are a number of different fees depending on the type of fund you have, your balance, and the activity on your account. RateCity has crunched the numbers to reveal the minimum, maximum and average fees paid by Australians across different age groups.
If you’re a low income earner, finding a fund that charges lower fees may help you maximise your retirement savings.
RateCity's superannuation comparison tables can help you compare your fund against others to see how it stacks up.
Updated by Peter Terlato on 7 March 2023