As retirement approaches, putting extra funds into your superannuation can be a wise decision. This is especially true if you come into extra money through an inheritance or the sale of a significant asset. Increasing your super contributions not only enhances your retirement savings but also offers the benefit of tax-free income when you start withdrawing from your super during retirement.
It’s the question every Financial Planner has been asked, countless times—How much money do I need to retire?
Nearly 40% of Australians believe they will not have enough funds to retire comfortably. With pressures due to cost of living increases, it is likely we will see this number continue to grow.