Superannuation represents one of the key areas you should work on to build your wealth for retirement.
Consider your Investment Strategies in Retirement.
We show you below some of the ideas to be considered that can help to boost your superannuation balances and therefore your retirement income.
You could sacrifice part of your pre-tax salary into superannuation. This only works if you’re paying a large amount of tax each year and your employer, or you, have contributed less than the maximum allowed under the concessional contribution limits.
Tax Deductible Super Contributions
Depending on how much your employer contributed to your superannuation you may be able to claim your contribution as a tax deduction. These will count towards your annual concessional contribution limits.
If you have investments in your own name consider contributing this to superannuation and take advantage of the lower taxation environment it offers. It may be that you won’t need to sell the investment as these can often be transferred in species (in other words as is). These types of contributions were called non- concessional contributions and have a limit of their own.