New data reveals that self-employed Australians are among those most in need of financial advice, as approximately one quarter do not have any superannuation.
Since it is not compulsory for self-employed Australians to make any super contributions for themselves, there are many that are left without any suitable plans for their retirement.
This research that was conducted by the Association of Superannuation Funds of Australia (ASFA), showed that Australians who are self-employed have a lot less super savings than employees. This is quite a concerning statistic, as it means many self-employed people will be unlikely to have enough super funds to enjoy a comfortable retirement lifestyle.
There are many who are self-employed who believe that their business assets such as shares or investment properties are acting as their de-facto superannuation. However, this can be a common mistake among the self-employed - where often the business or financial assets are not significant enough to support their standard of living once they reach retirement.
Even though making super contributions is not compulsory for the self-employed, if they did make contributions, they would potentially be able to claim a number of benefits from the government such as bonus co-contributions. Also, if you are self-employed and paying tax, superannuation may be a good way to reduce this and get some back for yourself.
If you are self-employed, we can help you:
- Set financial and retirement goals
- Review your business assets and investments for you
- Help you put in place superannuation strategies that will help you reach your goals
As a self-employed Australian, there has never been a better time to review your retirement plans - including what a comfortable retirement is for you and how much money you'll need to reach this goal.
Don't compromise your retirement years - book your complimentary appointment with our financial adviser, by clicking on the link below.
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