Easy Step-by-Step to Boost Your Super Balance (All you need to know!)

[@IreneZhu]

📈 Manage your portfolio on Sharesight and get 10% off your annual payment: portfolio.sharesight.com/refer/BRK22

[@bign1667]

Did you find that chart for age groups and super balance to be correct for you?

[@IreneZhu]

@@bign1667 That was the info from TABLE 7c from .

[@bign1667]

@@IreneZhu reason why I asked is because I felt the numbers to be very low for what people should have in their superannuation

[@IreneZhu]

agreed they seem a bit low.

[@Hunty49]

Another important thing to take a look at is insurance. Income protection, accident or injury and life insurance can be extremely affordable through super funds than private companies. And make sure that you have a nominated insurance scheme.

[@IreneZhu]

Thanks for your valuable point!

[@neerajverma4537]

Thankyou very much for this video it's so helpful

[@IreneZhu]

Glad it was helpful!

[@tangles01]

Great vid, I would recommend making the co cont before sal sac though. The guaranteed co cont. return is higher than the tax savings if your income is within the defined boundaries.

[@rob_1965]

Hi Irene, just thought I’d let you know I like your straight forward approach to investing and look forward to watching your new videos. I was just wondering if you’d ever do one on annuities? I’m planning to retire overseas and plan on selling my house and invest the money. An annuity looks good for my portfolio, as it seems to be hassle free, long term type deposit option to consider with regular monthly payments. I’ll still have lots in super, shares and HISA in my portfolio, but to have a regular steady income from an annuity is tempting. Keep the great work up, and looking forward to your next video. Rob. Sydney.

[@IreneZhu]

Thank you Rob for your comment! Annuities seem to be more popular in the US, I will definitely look into this and see if I can produce a video about it. Thanks for your support to the channel!

[@IreneZhu]

Hi Rob, just thought to give you a direct link of the annuity video I did not long ago in case you miss it 😀 kzbin.info/www/bejne/ap7YeZKYisuCr8k

[@rob_1965]

Hi Irene, wow, thanks for the personal message regarding my comment last year in annuities. Since then, I’ve decided on establishing an income stream from my super account when I retire This should be shortly when I sell my house and move to Thailand for permanent retirement. I’m now in the process of getting my head around the new tax implications of bringing money into Thailand that started this year. Wish me luck in that endeavour. Keep the great work up. Rob. Australia. (Thailand soon). 😊

[@IreneZhu]

Wow, that's great news Rob! Enjoy your retirement in Thailand!

[@davidg393]

I heard that If you have under $500 000 in superannuation in Australia you are allowed to put a lot of extra money in super eg from inheritance money in one hit. Does this mean that if I have $425k in super I should minimise contributions?

[@IreneZhu]

Hi David, from 1 July 2024, the non-concessional contributions cap is $120k, you can bring forward the equivalent of 1 or 2 years of your annual cap from future years. The requirement of balance under $500k is for carry-forward concessional contributions.

[@davidg393]

@@IreneZhu Thanks. By "carry-forward contribution" you mean what I didn't previously use of my salary sacrifice cap? eg if I have cap of $30k annual salary sacrifice and I put in $10k every year over past 5 years (I think I read it is limited to 5 years), then I can carry forward 5 X $20k makes $100k and claim back the tax concession? And so the ATO then gives me tax refund back from the after-tax money I used? Or does it have to be done by just having a bigger salary sacrifice?

[@IreneZhu]

@@davidg393 The yearly concessional contribution cap does not only include salary sacrifice, it includes the Super guarantee done by your employer as well. I have a video coming up (being edited at the moment) about how to do carry-forward contributions.

[@davidg393]

@@IreneZhu I look forward to your next video.

[@paulinezheng2224]

What are the items of investment are stable and won't lost money in super fund? Are they cash and fixed interest?

[@IreneZhu]

Cash and fixed-income are stable, but they can lose value after inflation.

[@paulinezheng2224]

@@IreneZhu what is fix income? I chose property a few months ago, I still lost money

[@IreneZhu]

Fixed income assets are bonds.

[@paulinezheng2224]

@@IreneZhu thanks for your reply

[@thegreenscreenkid_777]

How do I withdraw super ?

[@Zealand007]

You from Sydney?

[@paulinezheng2224]

I set up SMSF, should I close my super fund? Or keep it?

[@IreneZhu]

To avoid paying multiple account fees, it's better to consolidate them all together.

[@Skobeloff...]

Step 1: opt out of any life insurance they are offering Step 2: keep a close eye on them, a lot of Australians lost a lot of superannuation in the last few years due to poor investing by their fund.

[@Carlos-dg5cc]

its 11% now not 10.5% after 1 July

[@IreneZhu]

Thanks for correcting!

[@Woodland26]

I have exceeded 3m already. Probably 2x TBC within 2 years. Investment went very well.

[@IreneZhu]

Bravo! Thanks for sharing.

[@evanagib9462]

How dis u do that? Which super institution and what type of the insvmestmen?