Contributing to your super
Did you know that depending on when you retire, your retirement dollars may need to last more than 20 years?
Australia has a compulsory superannuation system, which means if you are employed and earning more than $450 in a month, your employer is already making a required contribution to your super of nine per cent. But this may not be enough to give you the lifestyle you want in retirement, so making additional contributions along the way can help.
You can boost your retirement savings by making regular contributions or by topping up your super on an ad hoc basis. It’s important to understand the different strategies you can use and learn about the contribution limits the Government has put in place, in order to avoid paying more tax than you need to.
There are two types of contributions you can make to your super – concessional or before tax and non-concessional or after tax.
Case studies
To see how you can effectively build your savings in the super environment and boost your savings even further within the contribution limits, view our range of case studies:
- Invest in super
- Starting sooner rather than later
- Salary sacrifice to boost your savings
- Take advantage of higher limits if you’re over 50
Learn how to boost your retirement savings and avoid extra tax.
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