Superannuation

Superannuation is almost certainly going to be a major plank in your retirement income plan, so nurture it well. Think about the mix of assets, and make sure they are appropriate for your goals and your risk profile. In my opinion, anybody under 50 ought to have their entire superannuation in a high-growth option.

And while you are looking at your superannuation, check out what life insurance is included in the fund. Is it sufficient? Is it too much? There’s no point in paying unnecessary premiums for insurance you don’t need.

If you have income replacement insurance it’s normally better held in your own name, and not inside your super fund. The whole premium is tax-deductible to you: it is one of the few tax deductions you have left.

Above all, appreciate that you have no time to lose. A few years of procrastination could cost you dearly when the time comes to retire.

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