How to boost your super savings

How to boost your super savings

Saving for retirement is an important financial strategy but how can you maximise your savings?  Read on to find out what actions you can take.

Personal Contributions

You can make a contribution from your after-tax income or savings and get a tax deduction at the same time by contributing up to the concessional cap of $27,500.  If you haven’t done this previously you can make a larger contribution by using the unused concessional cap for the previous 3 years which means you could contribute up to $96,500.

Government C0-contributions

If you are a low-middle income earner and you make a personal contribution that you don’t claim  tax deduction for the government may add to your personal contribution with a co-contribution up to a maximum of $500.

Salary Sacrifice

You can ask your employer if you can forgo a part of your pre-tax salary or wages in return for them making additional contributions for you over the super-guarantee rate.  This usually means you will pay less tax and have more available to invest.

Spouse Contributions

If you are not working or only earning a low income, your spouse can make a contribution for you and claim a tax offset for the contribution.

Downsizer Contributions

Once you have reached 55 you may be able to make a contribution up to $300,000 from the proceeds of sale of your home.

Consolidate Super Accounts

If you have more than one super account, consider consolidating them to reduce your fees and earn more on your savings.

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