Super Smart Retirement
Making Your Super Work Harder for You
As you approach retirement, your superannuation becomes one of your most valuable assets. Many couples in their 50s aren’t sure if they’re doing enough for their retirement, but the good news is that super is one of the most tax-effective ways to save. During the accumulation phase, earnings are taxed at just 15%, much lower than the top personal tax rate of 45%. This means more of your money stays invested and helps grow your savings.
Now is a good time to review your contributions, debt levels, and investment mix. Consider making concessional (pre-tax) contributions or catch-up contributions if you’ve had gaps in your super savings. If you’re still paying off your mortgage, it’s worth finding the right balance between paying down debt and maximising your super.
Remember, at preservation age (currently 60 for those in their 50s), you’ll be able to access your super. Then, you can choose between an income stream, a lump sum, or a combination, depending on whether you’re transitioning to retirement or fully retired.
Taking action now isn’t just about managing your finances — it’s about giving yourself the freedom to enjoy retirement your way. For many couples, speaking with a financial adviser can make these choices clearer and easier, helping you step into the next chapter with confidence.
