Why should you care?
It may seem hard to believe, but the time you spend in retirement is likely to be as long as the time spent working!
While planning for something that is a long way off can be difficult, not planning for the future may mean you miss out on living the retirement lifestyle you want.
In fact, research* reveals that having enough to retire on is the number one financial concern of Australians.
- we’re living longer
- we want to do more with the time and money we have
- the age pension only takes care of the basics and may not be available at current levels in the future
- inflation means the money you save today won’t go as far tomorrow.
How much should you be saving?
Are you self-employed?
While super isn’t compulsory for self-employed people, it’s a tax effective way to save for retirement. Also, if you contribute to super as a self-employed person, you may:
- be able to claim a full tax deduction for your super contributions
- be eligible for the low income superannuation tax offset
- be eligible for the super co-contribution on contributions you don’t claim a deduction for
- benefit from additional concessions for certain invalidity payments.