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Boosting super for a healthy retirement

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Camera IconSuperannuation is the key financial plank for most Australian retirees. Credit: AAP



One of the easiest steps to maximise super is to consolidate multiple accounts, although after November 1, most employers will need to place super guarantee payments into the employee’s existing account. Check insurance before consolidating.


Search for ‘lost’ super, which are accounts that have been transferred to the Australian Taxation Office after being deemed inactive and had low balances.


In addition to receiving contributions from employers, individuals can boost their super by salary sacrificing or arranging with employers to pay some salary/wage into super funds. These payments are taxed at a maximum rate of 15 per cent, which is often lower than the marginal tax rate.

Individuals can also add their own contributions to their super fund using take-home pay and then claiming an income tax deduction. These types of contributions are capped at $27,500.

The government also makes a super co-contribution for low or middle-income earners of up to $500. This is automatically paid to super funds where eligible.

Individuals might also be able to make a contribution on behalf of spouses who are not working or classified as a low-income earners and claim a tax offset up to $540.

Advice from Dr Camille Schmidt for YourLifeChoices’ Retirement Affordability Index

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