In its simplest sense, superannuation is essentially a long-term savings plan that was created to provide Australians with a viable income stream following retirement, but it’s important to understand the unique nature of this system and how it might impact your wellbeing in the future.
Vital Facts about Superannuation
As an active participant in the Australian workforce, you are entitled to a superannuation account that is sponsored primarily by your employer, although you can choose to make personal contributions as you see fit. However, it’s worth your while to take a closer look at the following information regarding this integral asset:
- As of 2018, 5% of your salary is funded into your superannuation fund directly by your current organisation.
- Your super fund is managed and regulated by a myriad of banks, insurance firms, and financial specialists to ensure a risk-avert portfolio of government bonds, securities, and other investment vehicles.
- You have the ability to decide where your superannuation contributions go, but in most cases, your employer will make this decision on your behalf.
- The current age at which you can access your super fund is 57, although this benchmark may increase during the next several years.
However, there are a few nuanced stipulations that many Australians are unaware of, primarily with regard to the obscured range of benefits you can access before reaching the age of 57. Such benefits include the following:
- Every Australian citizen has the right to file a claim to obtain money directly from his or her superannuation account.
- The most common claim is the TPD insurance benefit, which is an acronym for Total Permanent Disability.
- You can also apply for income protection insurance, which dispenses regular payments in the event you’re unable to work for set period of time.
- Trauma insurance is another readily available benefit that provides financial assistance for individuals that have been diagnosed with cancer, heart attacks, strokes, and other harrowing afflictions.
- Critical illness coverage and death benefit payments are becoming increasingly common as well.
How Can a Superannuation Lawyer Help Me?
Simply by establishing a tight-knit relationship with a reputable team of superannuation lawyers, you’ll gain immediate access to a knowledgeable, highly trained panel of attorneys that can help you obtain valuable financial benefits directly from your super fund. Irrespective of whether you’ve been struggling with a terminal illness, chronic disability, decreased earning power, or any other situation that negatively affects your income, your local superannuation specialists can provide dextrous assistance with the claim process. Such a process includes:
- Free-of-charge case evaluations that cover the full breadth of your unique scenario.
- Robust assessment of your eligibility for benefits and remunerations.
- Comprehensive assistance with filing the necessary paperwork and documentation.
- Personalised advice and guidance from start to finish.
- Inclusive no-win, no-fee
Thus, if you’d like to learn more about what you’re entitled to with respect to your super fund, be sure to schedule a consultation with a renowned local law firm as soon as possible.