Superannuation | My Wealth Hub

Superannuation &
Financial Planning

Is your Superannuation working for You?

At My Wealth Hub, we connect everyday Australians with the right professionals to review their superannuation and financial options.

Many people aren’t sure whether their super is on track, paying too much in fees, or invested in a way that supports their long-term goals. That’s where we come in. Our role is to help you take the first step by gathering the right information and referring you to licensed experts who can provide the advice you need.

We make the process simple: from reviewing your current superannuation details to matching you with qualified advisers who can guide you on strategies such as contributions, investments, and retirement planning.

Contact us today to get connected with the right professionals and take control of your financial future.

Financial Advice and Planning Partners

At My Wealth Hub, we make it easier for you to take control of your finances by connecting you with the right licensed professionals.

We understand that everyone’s financial situation is unique — from income and expenses to long-term goals like retirement, education, or protecting your assets. That’s why we focus on helping you gather the right information and matching you with qualified advisers who can provide tailored strategies to suit your needs.

Whether you’re looking to grow your wealth, review your superannuation, or explore tax-effective strategies, we’ll guide you through the first steps and refer you to experienced professionals who can help you put the right plan in place.

Contact us today and let us connect you with trusted experts who can support your journey toward financial security and success.

Ready to start your journey to financial success?

Contact Our Team Today!

Frequently Asked Questions about Superannuation

What is superannuation and how does it work?

Superannuation (often called “super”) is a way of saving money for your retirement while you’re still working. In Australia, it’s a government-mandated system designed to ensure people have income to support themselves when they stop working.

How it works:

Employer contributions – By law, your employer must pay a percentage of your salary (currently 11.5% as of July 2024) into your nominated super fund.
Personal contributions – You can also add extra money to your super (before or after tax) to boost your retirement savings.
Investment growth – Your super fund invests the money (in things like shares, property, or fixed interest), and the returns from those investments help your balance grow over time.
Tax benefits – Super is generally taxed at a lower rate than most personal income, making it a tax-effective way to save for retirement.
Access – You usually can’t access your super until you reach your preservation age (between 55–60, depending on when you were born) and retire, although there are limited exceptions like severe hardship or certain medical conditions.

In simple terms, super is like a long-term savings plan for your future — the earlier and smarter you contribute, the more you could have available when you retire.

How much super do I need to retire at 65?

The amount of superannuation you’ll need at retirement depends on the lifestyle you want. There’s no “one-size-fits-all” number, but industry benchmarks can give you a guide.

According to the Association of Superannuation Funds of Australia (ASFA):

A modest lifestyle in retirement (covering basic needs) requires around $46,000 per year for a couple or $32,000 for a single.
A comfortable lifestyle (which includes extras like travel, dining out, and leisure activities) requires about $71,000 per year for a couple or $51,000 for a single.

Based on these figures, many Australians aim to have a super balance of:

Around $595,000 for singles, or
Around $690,000 for couples by the time they retire at 65.

These figures assume you own your home outright and are eligible for at least a part Age Pension to supplement your income.

The key takeaway: the more you contribute and review your super along the way, the better positioned you maybe in to achieve the lifestyle you want in retirement.

When should I start financial planning?

The short answer: as early as possible — and regularly after that.

Many people only think about their super later in life, but small changes made early can make a big difference to your retirement savings thanks to the power of compounding. Even in your 20s and 30s, reviewing your super can help you check:

If you’re in the right type of fund for your needs
Whether you’re paying unnecessary fees
If your investment option matches your stage of life and risk comfort
Whether you have multiple accounts that could be combined to save on fees

After your first check, it’s a good idea to review your super at least once a year and whenever you change jobs, move house, or your personal circumstances change.

The key point: the earlier you start, the more time your super has to grow, and the more confident you’ll feel about your financial future.

Is it worth consulting a financial advisor?

For many people, yes — speaking with a licensed financial adviser can be valuable, especially if you’re unsure whether your super is performing well, paying too much in fees, or if you’re on track for retirement.

A qualified adviser can: