While Retirement may not be your highest priority right now, eventually the time will come to start a new life of freedom with the time to do the things you really want to do. But while you’ll have more time, you’ll also need some money. That’s where your super comes in, and that’s why it’s so important to manage your super wisely now.
Superannuation is still one of the most tax effective ways to save for your retirement, and while you already have your super plan in place, it’s possible that you could do more with your super now. There are a number of strategies you might consider to boost your super.
The government co-contribution scheme
The maximum $500 will apply where an individual has total income not exceeding $34,488 in the financial year and makes personal (after tax) contributions of at least $1,000 during the financial year. Where total income is above $34,488 in the financial year, the maximum co-contribution available will reduce by 3.333 cents for each dollar of total income above this amount. The co-contribution phases out completely at total income of $49,488.
Concessional Contribution Caps (the maximum contribution allowed to salary via salary sacrifice)
For the Financial Year 2014/2015 – People age 50+ $35,000pa. All others $30,000”. In this area as in all Edsuplan stay abreast of all government and superannuation legislation. We actively advise our clients when necessary to ensure our clients always gain the most benefit.
We can give you advice on strategies to boost your super. We can help you develop a financial plan specifically designed to suit your needs and goals, making sure that your investments are appropriate to your individual situation.