Superannuation and retirement savings calculators.
New retirement planning calculators are coming to the CFS website soon.
In the meantime, contact CFS on 9429 9775 for assistance or you could have a look at the calculators on the following site:
Note: Retirement and superannuation calculators offer general information and guides only and cannot predict actual outcomes due to many contributing factors that are known. It is best to seek professional and qualified financial advice before you make any financial decisions.
What is superannuation?
Superannuation is a tax effective way of saving money for retirement. The money you put in to superannuation is taxed at a much lower rate than your marginal tax rate. Earnings on your superannuation investments are also taxed at a lower rate.
If you are an employee, your employer contributes 9.5% of your total salary to superannuation. This is called the Superannuation Guarantee and it is compulsory. Over time, these contributions add up and are invested by your superannuation fund and if investment returns are positive, your superannuation grows further. When you reach retirement, you have a "nest egg" to live off.
Generally, you cannot access your superannuation savings until you reach retirement (preservation age) age - see below.
What are co-contributions?
If you add some of your own after-tax money to your superannuation, you may be eligible to receive a co-contribution from the government. Eligibility and the amount of the co-contribution depends on your income. Call CFS for up-to date information about the government co-contribution scheme.
What is salary sacrifice?
Salary sacrifice is when you contribute some of your pre-tax salary to superannuation. These contributions are taxed at 15% which is lower than your marginal tax rate so not only does salary sacrifice boost your retirement savings, it can be a great way to minimise tax. It is important to understand concessional contributions caps when considering salary sacrificing. Call Court Financial Services for up-to-date information about salary sacrificing rules.
How do I find lost superannuation?
If you have changed jobs more than once, you may have lost track of some superannuation accounts. Court Financial Services can assist you to locate your lost superannuation accounts. Contact us on 03 9429 9775.
What is the benefit of buying insurance through superannuation? Buying personal insurance - including life insurance, income protection and Total and Permanent Disability insurance - through your superannuation can be tax effective. Contact Court Financial Services for further information.
When can I access my superannuation? Generally, you can access your superannuation when you reach 'preservation' age. Preservation age depends on when you were born.
|Date of Birth||Preservation Age|
|Before 1 July 1960||55|
|1 July 1960 - 30 June 1961||56|
|1 July 1961 - 30 June 1962||57|
|1 July 1962 - 30 June 1963||58|
|1 July 1963 - 30 June 1964||59|
|From 1 July 1964||60|
In some circumstances you can access your superannuation before retirement:
How do I know if I have enough superannuation?
The amount of superannuation you need in retirement depends on the lifestyle you would like to lead in retirement, the age you wish to retire and the number years you expect to live. For a general guide, use the retirement calculators on this website and contact Court Financial Services for qualified assistance.
What do I do with my superannuation when I retire?
It is very important that you understand your options for taking your superannuation payout and that you plan ahead. You can take your superannuation as a lump sum, a pension (income stream) or a combination. The option you take will depend on your individual circumstances so it is important that you are fully informed. Contact Court Financial Services for more information.
Court Financial Services FSCG.
This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. Court Financial Service Pty Ltd (ABN 98 102 474957 ), is an authorised representative and credit representative of AMP Financial Planning Pty Limited, Australian Financial Services Licensee and Australian Credit Licensee.