As you get closer to retirement and accessing your super benefits, do your homework to make sure you get what you want in retirement. Nip nasty surprises in the bud — know your super options!
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1. List financial goals you want to set for your retirement
These can include paying off the credit card, car or house. |
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2. Plan a budget and work towards your goals by contributing more to your super
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3. Review your super investment options' risk/return profiles
Your retirement income might need to last another 20-30 years. Consider the type of risk/returns you are comfortable with, and change your investment options if necessary.
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4. Up the percentage of salary you salary-sacrifice into your super to minimise the amount of tax you have to pay. $1000 in hand is worth a lot more in your super.
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5. Don't wait until you're close to retirement to contribute a large lump sum to your super. Annual contribution caps apply to your super. If you contribute beyond the caps, the excess will be taxed at the top marginal tax rate plus Medicare levy.
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6. Explore mega tax-effective retirement income options now More |
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7. Review your insurance needs
Take into consideration any change in your earning capacity, assets and liabilities. Tailor your cover if necessary.
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8. Rollover your super into one account to save on fees and maximise compound interest
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More Options:
Call our Member Services team on (03) 9911 3222 (regional callers 1300 300 820) for more information.
