Regardless of your current age, now is the time to be boost your superannuation. Every extra dollar you contribute now, will boost your super savings, and will have a major impact on your superannuation balance come retirement time.
The Superannuation Guarantee Contribution is Australia’s compulsory superannuation system where your employer pays 9.5% of your income into a selected superannuation fund. Recent research suggests that we need to be contributing at least 15% of our income to ensure we have adequate money for our retirement.
Therefore, the standard 9.5% isn’t going to be enough. Luckily there are several tax-effective strategies you can use to boost your super without having to increase your income.
We have outlined some of these strategies below and recommend you discuss your individual situation with a Ricarmo Financial Group superannuation specialist before making any decisions.
The regulations and tax rules surrounding superannuation in Australia are changing regularly. For this reason, we recommend talking to a Ricarmo Financial Group financial planner. They can look at your current situation, your superannuation balance and your goals, then devise the best action plan moving forward.
There are ways to add to your superannuation without having to reduce your income. It’s important to start saving for your retirement now as the standard 9.5% contribution isn’t going to be enough to fund your lifestyle in retirement.