Not only is this free money from the government, by the time you retire it could mean an extra $60,000 in your pocket.
We don’t normally stay up for midnight on this New Year … or mark it with anything other than vague interest .
If you haven’t heard of it, this is the government’s superannuation co-contribution scheme. To qualify for the free $500, you need to pay in $1000 after tax in that same year.Now I know times are extremely tight , but we are all also about to get a tax cut. That freebie is also means tested: this new tax year, you will automatically receive the full $500 on incomes up to and including $45,400; it then phases down and runs out when you hit $60,400.
A new financial year is also a tremendous trigger for a super health check to make sure your retirement savings are on track. And for that, you need to be in the right fund. “Funds will be seeking to consolidate the strong returns over the … 11 months,” Kirby Rappell, executive director of SuperRatings said.
Of course, key is not to take on too much investment risk for your circumstances. Generally, the younger you are, the more you can afford to hold in equities as you have more time to recover any losses.
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