Super is one of the most tax-effective ways to save for retirement. The Federal Government's proposed changes to simplify and streamline super - planned to take effect from 1 July 2007 - will provide even more incentives to accumulate wealth for retirement.

With medical advances increasing our life expectancies, Australians may spend around 30 years in retirement, about the same amount of time they spend in the workforce. So the more you save - and the sooner you start - the better your retirement will be.

Super benefits

• Super offers excellent tax concessions
• It helps grow your investments for a comfortable retirement lifestyle
• It can provide financial independence and security
• It may be the biggest asset you'll own, bigger than your own home

Key planned changes from 1 July 2007

• Super will be simplified and streamlined, particularly for those over 60
• Tax-free pensions for the over 60s *
• Tax-free lump sums for over 60s to apply from 1 July 2007 *
• Abolition of the Reasonable Benefit Limits and replacement of age-based contribution limits with a flat limit
• Changing the contribution and payment rules
• Increased flexibility in drawing down super savings in retirement

* A condition of release will still need to be satisfied.