My Money Works helps clients to optimise their superannuation funds through a comprehensive review of your superannuation. A review of your superannuation will track down any lost super funds you may have in the interest of consolidating numerous funds into one to save you money on not having to pay duplicate fees and insurance premiums. In reducing the amount of fees and insurance premiums paid on numerous funds it can contribute to considerably boosting the balance of your fund.
The diagram below highlights the difference that consolidating your super can make.
A review of your super will involve the team at My Money Works providing you with comprehensive personal advice tailored for your specific needs. The team at My Money Works have the skills and expertise to navigate which super fund will be best for you. We will consider and review the insurances you hold in each fund and advise if the insurance should be retained. We will provide you with the details you will need to provide to your employer to have them make your super contributions to the new fund, and we will undertake rolling the balances of any funds which are to be replaced into the new fund.
We will identify your risk profile and consider investment options and strategies according to your investment tolerance ensuring your super is personalized for you and not invested in a default fund. We will be able to complete calculations and show if you are on track to having enough for your desired lifestyle at retirement, or if you need to start making additional contributions to your fund so you can afford the retirement you aspire to. In the event that you do need to start making additional contributions we will work with you to ascertain the best way to do this so it is tax effective for you. Investing even a small amount now can make a big difference come retirement.
We will also review if it is beneficial for you to structure your personal protection (insurance) through your super fund and assist you with nominating beneficiaries in the most tax effective way.