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life insurance for diabetics

All of the posts under the "life insurance for diabetics" tag.

Savings to Get You Ready for Life

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As with acquiring insurance policies such as life insurance for diabetics, getting ready for retirement is another reason why people try to save as much as they can while they’re still employed. Most people nowadays try their best to set something aside towards their super or superannuation funds from the time they start working, or from the time their employers can start paying super for them. You’ll want to live out your retirement in relative comfort and ease after all so might as well start early.

There are two types of super benefits, preserved and non-preserved. Preserved super benefits are benefits that can’t be cashed until a member meets a certain condition for release and can only be accessed or withdrawn upon your retirement or any specified situation. Non-preserved super benefits on the other hand, are those that can be generally withdrawn anytime and a member doesn’t have to meet any conditions for release. Moreover, when you do retire, these benefits can be paid out in the form of a lump sum, pension, or a combination of both.

Since some people have difficulty saving money, the government has come up with an ingenious way of encouraging them to do so by coming up with concessions for the tax on superannuation. It starts with a rate of 15% for pre-tax contributions to super, as well as for any income earned on your investment rather than the marginal rate. This allows you to boost tax effectively and best of all, withdraw this money from super tax-free as lump sum or pension when you reach the age of 60.

If for some reason you need to get your super under the age of 60, note that the taxable component on your benefits is assessable income or income that is used to work out what rate of payment you receive.

Another good thing about superannuation funds is that you are able to choose the best fund for you. You can choose the type of fund you want your employee contributions paid into as long as it’s a complying fund or funds that receive concessional tax treatment because it’s regulated under the regular super legislation.

To be eligible for this type of fund, your super must be paid under federal award, you are employed under another award or agreement that doesn’t require super support, and you are not employed under any award or industrial agreement, including being a contractor paid for labor. You may also choose what type of tax on superannuation concessions is available for you to take advantage of by consulting a financial adviser and have the advantage of availing an affordable life insurance for diabetics.

admin August 31, 2015 Leave A Comment Permalink

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