Superannuation in Australia is changing
How will the upcoming changes to superannuation affect your journey to financial freedom?
Sweeping changes to superannuation in Australia have now been finalised into law and will be effective from 1 July 2017. The changes are complex, and the impact of them will depend on your personal situation.
The changes fall into two broad groups:
- Changes to how much we can put into “accumulation” while we are working; and
- Changes to how much we can transfer over to “pension” once we retire.
Once the changes come into effect, some people won’t be able to get all of the funds that they could previously into the superannuation environment. So in some cases, we need to think about other vehicles to invest through.
It’s not the end of the world though, in fact some of the changes are actually positive and at the end of the day these changes shouldn’t change our retirement goals and dreams, they may just change the journey we take to get to them.
With 30 June and the looming changes just around the corner, now is the time to review the impact of the changes on your retirement goals and your investment mix.
I’d enjoy the opportunity to continue the conversation with you, and encourage you to book in for our complimentary review where we’ll discuss:
- Is your investment mix right for your age and stage?
- Are your investments sufficiently diversified?
- Are you balancing the risk and return required to achieve your goals?
- Is your superannuation fund performing as best it should?
- Will your superannuation end up in the right hands?
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The information provided is general in nature and does not take into account your particular investment objectives, financial situation or insurance needs; we therefore recommend you seek advice tailored to your individual circumstances before making any specific decisions. Liberum Financial and its advisers are Authorised Representatives of Fortnum Private Wealth Pty Ltd ABN 54 139 889 535 AFSL 357306 Australia Credit Licence No 357306 trading as Fortnum Financial Advisers.