Habits of highly successful SMEs: Superannuation and you

Many business owners fail to look after their own retirement needs, hoping their successful business will act as a form of superannuation. Top SMEs make sure they pay themselves too.

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Your business and your superannuation are two different things

Far too many business owners believes their business is their superannuation and so fail to make adequate provision for their retirement.

While most SME owners must pay at least the minimum 9 per cent of the earnings base to employees for superannuation, they are not required to make any sort of payment towards their own super. They look after their employees' future without looking after their own.

The case for superannuation

The Association of Superannuation Funds of Australia recommends that to retire comfortably singles need just over $40,000 a year and couples just over $55,000 a year, so hoping you will be eventually able to sell your business to fund your retirement may not be sufficient …

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