Learn five simple ways you can grow your super and get on track to achieving the lifestyle you want in retirement. The good news is it's easier than you think.
Most wage and salary earners already receive super payments from their employer through Superannuation Guarantee (SG) contributions. Those payments, which are currently 10% of ordinary income, can go a long way towards building a lump sum to help fund your retirement.
But there are other ways to put money into your super including from your pre-tax salary (sometimes called salary sacrifice), your after-tax income, or as a spouse contribution. Your LGIAsuper Accumulation account is flexible, so you can make regular payments or lump sum contributions – with no entry or exit fees.
If you are employed, your employer will already be contributing into your superannuation. If you can afford it, there are several ways to make additional contributions and grow your retirement savings.
By arranging with your employer to pay extra into super you could pay less income tax and help your super grow faster.
Anybody aged under 67 can make personal contributions to super either as a lump sum or regular payments. Most people can also claim a tax deduction for their contribution.
From 1 July 2018, people aged 65 and over have been able to make a contribution to super of up to $300,000 from the proceeds of selling their home.
The First Home Super Saver (FHSS) Scheme lets you use your LGIAsuper account to help grow a house deposit. Under the scheme, you can contribute up to $30,000 to super and later withdraw the contributions to put towards the deposit on a home
Like to learn more about your super contribution options and what they mean for your personal situation? Let us know and one of our advisers will be in touch.
Save on fees and hassles by bringing all your accounts across to LGIAsuper.
Use our retirement income calculator to get an idea of your future finances.
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