Episode 4 – Australian Expat’s Guide to Superannuation

Episode 4 – Australian Expat’s Guide to Superannuation

Today we’re talking superannuation for Australian expats – the top tips, the tricks and the traps to watch out for.

Why Should I Consider My Superannuation?

In Australia, we have over $2.5 trillion in our superannuation system. This makes it one of the largest and most efficient pension and retirement systems in the world. It’s also one of the most efficient ways for us as Australians to save for our retirement.

However, with that being said, with the constant changes to the rules, limits, contribution caps and so on, it can be extremely difficult to keep on top of. In this video I’m going to be covering my 5 top tips for Australian expats when it comes to super.

5 Top Superannuation Tips for Australian Expats

The first of my five top tips for Australian expats is to consider your contribution strategy. You could be making both concessional and non-concessional contributions, which could in fact help your tax position in Australia. Given that we’re talking about tax, as always be sure to discuss this with your financial planner and/or your accountant to explore the implications for yourself.

The second of my five top tips is to review your insurances. A lot of super funds in Australia have default insurance in place, many of which don’t actually cover you now that you’re living and working abroad. Be sure to do your homework, review how much you’re paying and talk to your super fund if you’re actually covered abroad. You may also want to consider if you have duplicate cover through your workplace, or externally in Singapore or wherever you happen to be working.

The third is to review the performance of your super fund and consider your risk profile. Just because you’re not working in Australia anymore doesn’t mean that you should simply ignore the performance of your superannuation. Be sure to be comparing apples with apples. If you’re invested in a low risk fund, and your colleague is in a high-risk fund, chances are that the higher risk fund is going to produce a better return when the market is performing well, so be sure that you’re making reasonable comparisons.

Four, consider your repatriation strategy. Are you going to contribute some of your savings into super?

This brings us onto our fifth and final tip. That is to be sure that you’re aware of what the limits to your superannuation contributions are, and that you don’t exceed them.

What’s Next?

If you have any questions at all about your superannuation, whether you should be making contributions, if your insurance is valid, or anything else, feel free to reach out to me on the contact details provided.

Likewise, if you have a key personal finance question that you’d like me to delve into, let me know, and I’d be happy to consider it.

Jarrad Brown is the trusted fee-based financial adviser in Singapore working with professional expats in the region. An Australian qualified and experienced Financial Adviser, Jarrad provides specialist advice to Australian expats as well as other nationalities.

Leave A Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.