With retirement on the horizon, it’s essential to make the most of your superannuation savings to ensure a comfortable and secure future. By following these tips and taking a proactive approach, you can maximize your retirement nest egg and enjoy the golden years you deserve.
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Prevent Paying Multiple Fees
Think about the possibility of losing any insurance and other benefits you may have in your other funds before consolidating or reactivating your super. Also, take into account the location of the future employer contributions.
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Make your Best Effort to Contribute
You might come into possession of a small amount of extra disposable income at various points in your life, perhaps thanks to a bonus or tax refund. Contributions to your super account can help boost your balance a little while also providing some tax benefits.
Be aware that the amount you can contribute is capped and subject to other restrictions.
In preparation for superannuation savings, consider the following options.
- Salary sacrifice
- Tax-deductible contributions
- Voluntary after-tax contributions
- Downsizer contributions
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Search for Unclaimed Super
There was said to be $13.8 billion in lost and unclaimed super as of June 30, 2020.
Some of that might be yours! Search using a Consolidation tool. Your super account will be automatically credited with any funds recovered at the ATO. Too simple!
Expert financial advice can significantly improve your quality of life both now and after you stop working, as well as give you the self-assurance you need to take control of your financial future.
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Utilise Government Incentives
The Australian government offers incentives to help individuals grow their super savings. The government co-contribution scheme matches eligible personal after-tax contributions up to a certain amount, while the spouse contribution tax offset provides a tax break for individuals who contribute to their spouse’s super fund. Make sure to research and take advantage of these incentives to boost your super balance.
