Superannuation tips in your 50s
Are you in your 50’s and wanting to retire in the next 10 – 15 years? then now is the time to start planning. Superannuation will offer you a tax effective way to save for retirement, so consider making extra contributions to boost your balance.
Now’s the time to think about contribution options like salary sacrifice, non concessional contributions and/or spouse contributions.
Superannuation tips in your 60s
Even if you start saving for your retirement in your 60’s, you’re not to late ! Now’s the time to push hard with building your superannuation balance via salary sacrifice and non-concessional contributions. You’ll also enjoy some limited access to your superannuation, could you pay down some debt? or reduce your working hours? (if you have enough savings already).
It’s also a time to start planning for your Centrelink entitlements and how to maximise your benefit once you hit age pension age.
Superannuation tips in your 70s
Once you’re in your 70’s you can still make contributions to your superannuation until you turn 75, as long as you work at least 40 hours in 30 consecutive days in the financial year.
You can also consider making a downsizer contribution if you sell your principal place of residence to top up your balance.
Beneficiary nominations
This is something that is often incorrect.
Make sure you check who your listed beneficiaries are ! And remember, most super fund nominations expire after 3 years. So check your statements that your nomination is correct and current.
Unclaimed Super
You may have unclaimed super. You can conduct a free check at Superseeker on the ATO website.
If you would like to know more, or to devise a detailed plan for your retirement, please contact us here to arrange an appointment.
