Frequently Asked Questions
What does a Financial Planner do?
This is a common question because there is a lot of confusion amongst consumers about what type of finance professional specialises in what area. At VERIDEX Wealth Management we like to be very clear about what we do. Our areas of expertise include advice on superannuation, life insurance, general investing and retirement planning. Please request a copy of our Financial Services Guide (FSG 1 and FSG 2) for a more detailed explanation about our expertise.
What is superannuation?
Superannuation is an investment designed to provide money for your retirement. Contributions from your employer to your superannuation account are compulsory under most employment arrangements. These kinds of contributions are called ‘employer contributions’. A superannuation account holds your assets and investments within the ‘superannuation environment’. You cannot access the assets within your superannuation account until you satisfy a condition of release which is usually permanent retirement from the workforce after you reach a certain age.
What does “Superannuation Guarantee” mean?
The Superannuation Guarantee requires employers to pay a minimum of 9% of your gross earnings into a complying superannuation fund if you are:
- aged 18 years of age and under 70 years of age;
- paid at least $450 (before tax) in a calendar month;