Your 50s and 60s are the perfect time to review, boost and protect your super savings.
If you’re a worker in your late 50s or early 60s, that might seem like a silly question. By this point, you’ve spent the past forty or fifty years building your career and cementing your financial future.But going from building your nest egg to being ready to use it requires a little planning to make sure you’re getting the most out of your savings.highlighted Aussies are living longer, meaning their savings have to stretch further.
“For many people in these generations, it’s a time when the kids have left the nest and income earnings whilst working are higher due to career advancement,” she says. That means you might be able to take advantage of super-boosting policies like downsizer contribution rules or making large after-tax contributions.
“A transition-to-retirement strategy can be a tax-effective way after age 60 to start drawing down on super whilst still working,” McKindlay says. “You could choose a combination of these approaches,” O’Halloran says. Your fund can provide general information about your options.Your final years of work are a good time to review what happens to your super when you die.
“Death benefit nominations can be binding, or non-binding. If you make a non-binding nomination, the fund will consider your wishes but does have some discretion when it comes to making a final decision,” O’Halloran says. “If you have a large taxable component, or if you’re unsure, getting expert advice in this area will help you avoid the unintended consequence of a hefty tax bill for your loved ones.”
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