Have you ever heard about Rest? Rest is basically a funding organization. It offers various services, such as investments, insurance, and retirement. Rest has been in the industry for more than 30 years. This fund also offers a service named Super. Keep reading to find out what exactly Rest and Rest Super are.
What is Rest?
Rest is one of the largest funds based on the membership that was established in 1988. It is reported that this fund has 1.7 million members by December 2020. For more than 30 years in the field, Rest has been looking after hard working Australians as well as their super. This fund relies on its expertise to provide long-term investment performance to its millions of members.
What is Rest Super?
Superannuation is money you save now for your retirement in the future. So, it is basically a preparation program for your retirement. Super is partly compulsory and there are limits to how much you can save each year. There are several different kinds of contributions that Rest can receive on your behalf. For example, government co-contributions, voluntary contributions, and employer contributions. The Rest Super ABN and USI number is RES0103AU and 6265 3671 394
There are also limits and rules related to when it is possible for you to take your money out of your super. For instance, when you reach a particular age or you are not able to work due to permanent disability and how much you can withdraw. Super is a way to put some of your money aside so that you will have money once you are retired and stop working. Though the government mandates it, making smart contributions during your life is an investment for your future. It can also differentiate between a modest retirement and comfortable retirement. By preparing your retirement, you will not create what is called a sandwich generation.
If your income is more than $450 a month, your employer has to pay a part of your income into your chosen super account, or in some specific cases, their chosen super accounts. The current rate is set at 9.5% of your annual salary, which is known as the superannuation guarantee. You can opt for increasing this percentage or make one-off voluntary super contributions that frequently come along with tax benefits.
Then, this money is invested and compounds over time. It probably leaves you with a significant amount of money when you are retired more than your savings alone. There are many various ways to invest. And if you need help to decide the right one, Rest is more than willing and able to do so.
Choosing Your Fund
Usually, you are able to pick which fund you are interested in. Sometimes, the conditions of your employment will decide which one is for you. If you do not have any option or you prefer not to tell your employer where you want your super to go, your Superannuation Guarantee contributions, which are the amount that your employer has to pay into Super for you, will be paid into a MySuper product.
Thanks to the government tax concessions, Super can be a tax-efficient way to save for your retirement. Increase your Super further by:
Contributing extra money from your salary before reducing it with tax. This is called salary sacrifice that can reduce your tax.
Adding other savings after tax into your Rest account. You perhaps even meet the requirements for the government co-contribution if you do this.