Most Australians are coming to realise that they must take more responsibility for supporting themselves in retirement. A full Age pension will increasingly be limited to those in real need.
We will need to prepare – and save – better for our retirement years.
Super savings are tax-effective
In particular, we need to take full advantage of the most tax-effective form of retirement savings – superannuation. Using a super fund you can:
- reduce the tax you pay on fund earnings,
- pay a lower tax on retirement benefits, and
- enjoy generous tax concessions when you take a retirement income stream.
The minimum is not enough
Compulsory employer contributions may however only provide a basic lifestyle. You will need more super to gain a level of comfort in retirement. You can top up your super through:
- your own personal superannuation fund, with your own choice of investments,
- your existing fund, in some cases, and
- a personal super fund for your spouse, with additional tax benefits including a tax rebate.
Most importantly, speak to an expert to make sure whether your super will meet your future needs. Call and arrange a free, no-obligation meeting with our Financial Planner.