Recent relaxing of the rules gives you scope to put money into your retirement fund at a time that suits your circumstances and stage in life.
Since it became compulsory 30 years ago, superannuation has been the most tax-effective investment vehicle for saving for retirement. It is also well-regulated and offers a wide range of providers and investment options – meaning there is something to suit everyone.
The other option has been to start making additional contributions at a younger age, but this often isn’t a possibility for people in their 20s or 30s, particularly as it means the money is locked away. The rules around these contributions can be complicated and it’s important to navigate the system appropriately.Catch-up concessional contributions : for those with a total super balance under $500,000 who haven’t made the maximum contribution in recent years.
Downsizer contribution: up to $300,000 on the sale of the primary residence. There is no limit regarding total super balance.
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