Much like @Glu said, if you can afford it and depending on your fund, up your contributions to your maximum percentage and/or salary sacrifice. The SS can be really beneficial if it also happens to bring you down a tax bracket. Even just a 1% increase in your contributions can make a difference after 20+ years. Also look into a couple of different funds, specifically at their fees and charges and annual returns, as these can have a major impact on how quickly you can accumulate wealth (and quite frankly if one fund is returning 5% year on year and 6 others are returning 8%, I think I would steer clear of the one giving me 5%). I am not a financial advisor, in fact I barely even understand my super, but these seem like pretty basic, common sense ways to maximise returns.
Is said retirement planned before 60yo?
Because if so, you now need to balance your in-super and out-of-super pots.
9% tax implies a taxable income of $39K.
Yes, there is no point in salary sacrificing if under $45K.
However, it would absolutely make sense in that case to do the after-tax contribution of $1000 and get the Gov to co-contribute $500. Guaranteed insta-50% growth beats anything else.
Thanks, Iām semi retired and only working a couple of days a week
Also, an important lesson to learn is ādonāt do something, just stand thereā when the market has a hiccup.
(populariser, in this context: Jack Bogle)
I know a few people who locked in a loss when the market took a hit and they moved Super funds to cash based, instead of just leaving it alone
Given my life stage, I have a relatively conservative holding (including some gold, semi-randomly bought at the low point a few years back) so my net worth (ignoring my home) only went down 8% after Trump did a Trumpā¦ and since then has gone up 15%.
Since the bottom in the week after Liberation Day, the annual growth rate has been [fixed] 78%. There is great potential to self-destruct by doing something.
PSS?
MSBS
all of you shouldāve just signed a 6+ year contract extension at the efc if you were so worried about retirement
Pretty much this.
But closer to the $45K, when many of the offsets phase out, there is still some potential benefit.
The 9% is the average rate, but dollar for dollar there is a 3% saving, tiny but still there.
And as long as you donāt need the funds.