Superannuation

Super for your lifestage

20s - take control of your super for a better future

You've got time on your side, so choose an investment option that can go the distance. A growth investment strategy can make a big difference to the amount of super you accumulate over your working life. While more volatile over the shorter term, growth assets, like shares and property, offer greater growth potential over the longer term.

30s - make the most of your income

Now that you're established in your career, your salary, and income tax, are probably increasing. It's time to use this to your advantage. Strategies like salary sacrificing can minimise the tax on your salary and increase your retirement savings. Check with your employer if you can make regular salary sacrifice contributions to your super fund. You may also be able to contribute one-off payments like your annual bonus.

Making sure your super option offers long-term growth potential, consolidating your super, spouse contributions and co-contributions are other ways to maximise your retirement income potential.

40s - super charge your retirement savings

Consider using salary sacrifice to make the most of your income and minimise your tax. Instead of investing money outside super and paying a higher tax rate, you can contribute it to super and have more money to invest for your long-term future. You may be able to contribute one-off payments like your annual bonus.

Co-contributions and spouse contributions can also boost your retirement benefit.

50s - get ready for retirement

Redirecting your money to super through salary sacrifice or personal post-tax contributions can boost your retirement nest egg. You may be able to contribute one-off payments using salary sacrifice or take advantage of co-contributions or spouse contributions to boost your joint retirement benefit.

Under the transition to retirement rules you can now ease yourself into retirement between the ages of 55 and 60 without sacrificing your income.
If you've reached your preservation age, you can continue working full or part time while supplementing your income with an income stream from your super savings.

To benefit from the transition to retirement rules you will need to rollover all or part of your super benefit into a non-commutable income stream. This means your income stream cannot be converted into a lump sum payment until you retire permanently, reach 65 or satisfy another condition.

60s - take it easy

Now that you have reached 60, you can access your super tax-free as a lump sum or a pension.

Remember, you could be looking forward to 25 years or so in retirement so make sure your super benefit will last the distance. Including some growth assets in your portfolio can help your retirement benefit keep ahead of inflation and continue growing while you draw an income.