Super Strategies for EOFY

We talk to a lot of clients about the best strategies to maximise their superannuation balance prior to retirement. The more money you have in super when you retire, the more choice you have about your retirement lifestyle. At present, you and your partner (if applicable) can each have $1.7m in pension phase at retirement and pay zero tax on earnings and zero tax on capital growth. In addition, the income you draw from this pension is tax free. Sounds great, but due to contribution limits, early planning is essential to reach this balance.

With the end of the 2021-22 financial year fast approaching, we thought we would outline strategies to top up your superannuation balance before 30 June to help boost your retirement savings and potentially save on tax.