Your super will be an important source of income when you retire
The reality for most of us is the money our employer pays into our super won’t meet our living costs in retirement. So for most people, their super will have to supplement the Government Age Pension.
That’s why it’s important to add to your super whenever you can so you’ll have more money to enjoy life once you stop working.
There are two main ways to add to your super:
- Make before-tax contributions by agreement with your employer (salary sacrifice)
- Make after-tax contributions from your take-home salary
Super is about tax savings
Before you add to your super, you should consider what mix of before and after-tax contributions will give you the best tax result.
See if you're eligible for great super incentives like the Government co-contribution.
Close to retiring?
If you're 55 or older, and still working, you could save tax and build your super with an over 55 saving strategy.