How to have more super?
At a recent professional development day I heard that everyone wants to have more super.
And it was also stated that our goal was to have no one relying on government although 76% on retirement do so.
So there are several legislated options available.
e.g. maximise taxx deductible contributions
or a Non deductible contribution
to $100,000 per year.*
’ where you can release your equity up to 300k each into your super provided you are over 65 & owned your house for 10 years to summarise a few conditions*.
This is very relevant if you are ‘asset rich income poor’ & your lifestyle is limited by the part or nil pension.
However another solution to the usual variables of life is why not play at work for longer & work at play.
Lets consider ‘the rule of 72’
If as many current assumptions are your fund has income 4% & growth 5% then 72/9 means it will double in 8 years.
If as suggested ‘5pc super returns ‘the new normal’
Super fund members need to forget about the high investment returns of recent years, says this industry chief. (Australian 7/11/19)
then it will take longer & 14 years.
But does that mean working full-time?
The so called ‘work test’ ‘ you must work at least 40 hours during a consecutive 30-day period each financial year’ *
The big variable is our health.
What am I doing about it?
A benchmark science rated #1
PM now for the solution using maybe those above ideas to your problem .