Superannuation is often the second largest asset that Australians have after the family home and for young Australians and particularly renters it is the largest asset they have. This is why it is incredibly important for Australians to take the time to review their superannuation to ensure it is working for them.

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At Steering Wealth, we believe it is never too late to start looking at your superannuation but the earlier you do the better.

 

Why is Superannuation Important?

For young Australians, superannuation offers several key benefits:

• Long-term Growth: Starting your superannuation journey early allows your savings to benefit from compound interest, resulting in substantial growth over the years.

• Tax Advantages: Superannuation is one of the most tax effective ways for young Australians to build wealth for their retirement with potential tax deductions, tax offsets and tax free investment earnings and pensions

• Security in Retirement: Building a robust superannuation fund ensures you have a reliable source of income during retirement, reducing financial stress in your later years.

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How Steering Wealth Can Help

At Steering Wealth, we help young Australians in relation to their superannuation in a number of key ways. Here's how we can assist you:

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Personalised Superannuation Advice

We provide tailored advice to suit your unique financial situation and goals. Regardless of your financial situation or life stage we are able to assist you to find the best superannuation strategies to ensure that you largest or second largest asset works for you.

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Investment Strategies

Choosing the correct investment options and strategies is one of the biggest decisions that you will make regarding your superannuation. It will have a dramatic effect on your superannuation balance at retirement and your standard of living in retirement.

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We will ensure that your investment options align with your financial situation, goals and risk tolerance to ensure that your superannuation grows over the long term.

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Contribution Optimisation

We at Steering Wealth are able to assist in determining whether making additional superannuation contributions would be beneficial for you, while still allowing you to achieve your other non-superannuation goals like saving for a home deposit or paying off debts.

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Review Superannuation Funds

At Steering Wealth we have found that many young Australians have multiple superannuation funds that they have accumulated over the years. Not only does this make it harder to track your superannuation it also results in additional fees. At Steering Wealth we are able to review your existing superannuation funds and all other superannuation funds to determine which one would meet your needs.

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Review Insurance inside Superannuation

Most Superannuation Funds include insurance that is automatically taken out when the fund is open. Many Australians assume this is enough insurance and that they do not need any more, however in most cases it is not nearly enough, and they are drastically underinsured.

 

At Steering Wealth, we will review your existing insurances to see if they are needed and whether or not you are getting value for money; in most cases the insurance premiums inside superannuation are high for what you get.

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