CareSuper Superannuation Review
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Retirement is something that you should prepare for as early as now. CareSuper, which was started in 1986, aims to help Australians prepare for their retirement. Investing in a super fund allows you to save automatically. The money is invested so that you can enjoy maximum growth. It is also tax-effective, which means it is deducted from your salary before taxes are applied.
Pros of a CareSuper Fund
CareSuper’s MySuper is a superannuation product that offers you economical investment options, depending on your target for returns and your risk appetite. You can choose between managed assets, which are a pre-mixed combination of assets that include property, shares, fixed interests, and more. You can also choose between five asset classes or you can make your own combination. You can mix and match your own fund to maximise your investments.
For the Managed options, you can choose from the following:
- Alternative Growth
- Sustainable Balanced
- Conservative Balanced
- Capital Stable
- Capital Guaranteed
For the Asset Class, you can choose between the following options:
- Overseas Shares
- Australian Shares
- Direct Property
- Fixed Interest
CareSuper also allows you to switch funds every week. However, frequent changes are not recommended.
Features of a CareSuper Fund
When you get a CareSuper MySuper Fund, you get to enjoy the following:
- 24/7 Online Access: Monitor the performance of your investment through MemberOnline.
- Default Cover: CareSuper’s fund gives you cover for death and total & permanent disability.
- Extra Cover: You have the option to add income protection insurance to your cover.
- Enjoy Discounts: You can enjoy discounts on health insurance premiums provided by CareSuper’s partners.
- Financial Planning: You get access to financial planners who can help you with your concerns and questions.
Convert Your Super into a Pension Account
When you are ready to say good-bye to working, you can convert your CareSuper MySuper fund into a regular income account under the CareSuper Pension.
The advantages of a CareSuper Pension account includes:
- Tax-free earnings once you are over 60
- Regular income you can set on your own terms
- You can choose from different investment options
- You get access to your fund’s financial planners
If you are still working but would like to tone it down a bit, you can go for the Transition to Retirement (TTR). It can help you reduce your working hours but still receive the same income and you can still enjoy the same lifestyle.
With CareSuper’s TTR, you get to enjoy the following:
- Pre-retirement Super Income, which can be 10% of your super each year
- Maximise your cash flow by decreasing your taxable income
Cons of a CareSuper Fund
As with any investment product, you will still need to pay certain fees. For a MySuper fund, you will need to pay an admin fee of $78 a year plus 0.19% of your yearly account balance.
How to Apply for a CareSuper Superannuation
Application for a CareSuper fund has never been so easy. All you need to do is visit their website, choose among their investment products, and you can complete your application in 10 minutes. You can also apply through your employer, provided you are working for a CareSuper employer.
You will need the following when you apply for a CareSuper MySuper fund:
- Contact information
- Tax File Number
- Existing Super Fund Name
- Contribution Payments
- Investment Options
To apply for a CareSuper Pension, you must have access to $10,000 of your superannuation balance. You must also be beyond the preservation age to qualify.
Saving for your retirement is an important matter. To get the best of your investment money, due research is necessary to maximise your returns. Compare your options today here at Makes Cents!
Our CareSuper Superannuation Review is just one of many. You can also read reviews on many more companies offering Superannuation in Australia.