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Superannuation refers to the accumulation of wealth while you are working, to help meet the cost of living when you retire. In Australia, superannuation investments are eligible for special tax concessions that are not available to other types of investments.
What are the advantages of using a superannuation investment?
- You receive significant tax concessions on your investment earnings;
- You can add to your investment on a regular basis;
- Your access to your investment is restricted, so you can't be tempted to spend it before you retire;
- You may be eligible to receive a tax deduction for your superannuation contributions;
- Your superannuation can go with you when you move around the workforce.
Tips and Traps
You will need to consider the implications of having restricted access to your money;
- Investment returns on superannuation investments are typically influenced by economic and market conditions and your investment may increase or decrease in value;
- You should consider receiving financial planning advice to determine an investment strategy that would enable you to meet your financial requirements in retirement.
MLC MasterKey Super and MLC MasterKey Super Fundamentals are investment solutions which are catered towards the needs of individuals and small businesses. View information about MLC MasterKey Super and MLC MasterKey Super Fundamentals.
Want to know more?
Contact your financial planner or arrange an appointment with a National Financial Planner online; or call 1300 558 863 between the hours of 8:00am - 8:00pm (Melbourne time, GMT +10), Monday to Friday.
View more information on MLC Masterkey.
View NAB's website disclaimer.
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