While retirement may not be your highest priority right now, eventually the time will come to start a new life of freedom with the time to do the things you really want to do. But while you’ll have more time, you’ll also need some money. That’s where your super comes in, and that’s why it’s so important to manage your super wisely now. Superannuation is still one of the most tax effective ways to save for your retirement, and while you already have your super plan in place, it’s possible that you could do more with your super now. There are a number of strategies you might consider to boost your super.

The government co-contribution scheme

This scheme is available to people who earn an income of up to $58,000 pa. It’s where the government matches each dollar of your personal contributions to super with a $1.50 Government contribution, up to a maximum of $1,500 pa. Getting this co-contribution means you can increase your super faster. Conditions apply, so you should discuss this scheme with a financial planner to see if you can benefit from it.

Concessional Contribution Caps (the maximum contribution allowed to salary via salary sacrifice)

UP to age 50 - $25,000 per annum Over age 50 - $50,000 per annum
These amounts are to be revised for financial year 2012-2013. In this area as in all Edsuplan stay abreast of all government and superannuation legislation. We actively advise our clients when necessary to ensure our clients always gain the most benefit.

We can give you advice on strategies to boost your super. We can help you develop a financial plan specifically designed to suit your needs and goals, making sure that your investments are appropriate to your individual situation.