Have you seen a superannuation specialist?
Do you want to increase your super but are not sure how? Your super will most likely form the major part of your savings for retirement, so you want to be sure you’re making the most of it.
With better nutrition and medical advances, people are living longer and the average life expectancy is increasing – a male born in 2015 has an average life expectancy of 91.5 which is projected to increase to 95.1 by 2055, while a female’s life expectancy is projected to increase from 93.6 to 96.6 over the same period1. In living longer, people will need more in retirement savings. Coupled with that, the cost of living continues to increase.
Although the superannuation guarantee (SG) contributions made by your employer on your behalf are increasing gradually from 9.5 per cent to 12 per cent by 2025, these contributions alone may not be enough for your retirement needs. But how much is enough? It really depends on what you want to do in retirement.
Boost your super
There are a number of ways you could increase your super savings. If you have more than one super account, consolidating them into a single account could save on fees and paperwork.
If you are eligible, and make an after tax contribution to your super, you could receive a co-contribution from the Government.
Depending on how you and your spouse’s salary compare, you could also consider making spouse contributions.
A salary sacrifice strategy allows you to ‘sacrifice’ some of your pre-tax salary to super. Not only does this allow you to maximise your concessional contribution limit, it could also reduce the amount of tax you pay.
Financial advice makes a difference
Bridges has been providing professional financial planning services to credit union and building society members since 1985. Bridges financial planners are superannuation specialists; they will consider your situation and help you decide the most appropriate way to build your super savings for the retirement you’re looking forward to.
So why not call 1300 13 14 20 and make an appointment with a Bridges financial planner? The initial consultation is complimentary and obligation-free.
1. Intergenerational Report 2015. Commonwealth of Australia. March 2015. Bridges Financial Services Pty Limited (Bridges). ABN 60 003 474 977. ASX Participant. AFSL No 240837. This is general advice only and does not take into account your objectives, financial situation and needs. Before acting on this advice, you should consult a financial planner. In referring members to Bridges, Select Encompass Credit Union Ltd, ABN 43 087 650 011 | Australian Credit Licence / AFSL 238 426 does not accept responsibility for any acts, omissions or advice of Bridges and its authorised representatives.
The switch to online statements competition
Just a small change can make a big difference. Each year, Select Encompass print millions of sheets of paper on member statements and Newsletters. This is why we are encouraging you to opt-in to online statements via Internet Banking and you will be helping us do our part for the environment. By opting-in for online statements you will have quicker access to your statements in a secure environment available 24/7.
- Protect yourself from risk of mail fraud and identity theft
- A better way to keep track of your finances
- Do your bit for the environment
- Reduce production costs allowing us to give more back to our members
- Declutter your home and mailbox
- Get your statements faster, ontime, everytime without having to rely on the post
- Registration is quick and easy
- Eliminate the need to store or shred stacks of paper statements
To switch to online Statements via Internet Banking call 1300 13 14 20, email email@example.com or visit any of our local branches today.
Switch to online Statements today and go into the draw to WIN a Swissotel voucher valued at $300.
For full Terms and Conditions available here. The switch to online statements ends 30 March 2017. NSW Permit No.LTPM/16/01223.
The Australian Mutuals Foundation
As part of our commitment to social responsibility and in support of the ideals that the mutual industry is built upon, we are pleased to announce the launch of the Australian Mutuals Foundation (AMF) in which Select Encompass established.
The AMF is a registered charity with the Australian Charities and Not-for-profits Commission.
The primary purpose of the AMF is to provide a vehicle for Select Encompass Credit Union and other mutuals to assist needy children in Australia, and to alleviate poverty in some of the poorest communities in South East Asia and the Pacific by creating sustainable cooperative financial organisations. The AMF will also provide a facility for Select Encompass members and the general public to accept donations when a natural disaster is declared in Australia, South East Asia, or the South Pacific.
For more information on the AMF visit: www.australianmf.org
5 Tips for first home buyers
Buying a home is likely to be one of the biggest financial decisions you will make in your life. To help you through this process we have provided some tips to help you get your head around the idea of buying your first home.
Message from the CEO
The “sharing economy” is a term currently used by millennials and Gen Y’s to describe a more democratised marketplace, a modern and alternative socio-economic system which places sharing and collaboration at its heart.
The distinguishing characteristic of Select Encompass is that it is owned by, and run for, the benefit of its members. Rather than being owned and controlled by outside investors, Select Encompass members are equal owners and from a governance perspective each member has one vote.
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