When your days are spent wiping little noses and doing endless loads of washing, it's difficult to consider the future much beyond dinnertime. If you want to retire with a healthy superannuation fund, however, now is the time to plan for your future- whether you're actively participating in the workforce or not. Check out these three superannuation tips for stay at home mums, and start planning for your retirement today.
Find your lost super
Australians presently have more than $14 billion in lost super- misplaced due to changes in employment and personal details that were not reported to superannuation funds. As this money is subject to regular fees and charges, you may have superannuation money that is being slowly eroded in small accounts simply because you are not managing it correctly. If you have changed your personal details throughout your working life and think that some of your super is currently in limbo, it's time you tracked it down. Contact your current super fund to see if they have a lost super service, or alternatively check for lost super yourself via the Australian Taxation Office. While you're at it, search for any unclaimed money via the Australian Securities and Investment Commission's database, and pop anything you find into your super fund!
Consider spousal super contributions
If you have a partner who is employed, they may be able to make contributions to your superannuation fund on your behalf. Your spouse, either married or de-facto, can make contributions from their after-tax income, or they may wish to split their employer's superannuation contribution between yours and their own super accounts. Your spouse may even be eligible to receive a tax rebate by making super contributions on your behalf if your earnings are less than $10,800. Discuss the viability of spousal super contributions with you local superannuation specialist.
Seek professional advice
If you want to enhance your superannuation fund as a stay at home mum, you may wish to seek professional advice to help you maximise your super and pave the way for a comfortable retirement. It is highly recommended that you continue to make individual contributions to your super fund, however whether you do this before or after tax is dependent on your income streams. If you are financially-savvy you may want to consider a self-managed super fund. This is a particularly good option if you want to have control over investment decisions, and have a particular vision for how you wish to provide for your retirement and your dependent children. It also gives you the option to include your children as trustees, in order to give them financial support as they enter the workforce. As setting up a self-managed super fund is a major decision that requires skill and time, discuss the practicality of this decision with your financial adviser.
To discuss your superannuation situation as a stay at home mum in detail, contact your local superannuation specialists today for professional financial and legal advice.
Share11 May 2016
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