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Simple steps to a bigger retirement payday

How $30 a week can bring you $90,000 in retirement

Read on to find out:
  1. How $30 a week can bring you $90,000 in retirement
  2. How to claim a 18% tax offset and build up your spouses super
  3. How to get the government to match your additional contributions dollar for dollar
Ever wondered how your life will be on that first day of retirement? Will you be happy that the good life is ahead, or worried about living on a pauper budget until the end of your days? Do you think your current super will suffice for the kind of lifestyle you would like to lead post your retirement?
Retirement should be about finally being able to live the way you want to, without wondering about upcoming expenses or kids’ studies, to go on holidays whenever you feel and buy the things you want, you deserve.
If you want a life like this, your best option is voluntary super contributions, an option now provided by the Australian Government.
There are many ways of making that extra contribution towards your super.
1. Salary Sacrifice
An understanding between you and your employee can mean that you sacrifice a small amount of your salary, which goes directly to your Super account. If you have just started working, an average of $30 per week, over your working life, can mean you having about $90,000 extra money, that you can use wherever and however you wish to. Salary sacrifice contributions are concessional contribution, made before income tax is withheld. This can be very tax effective if you earn more than $37,000 annually.
2. After tax contributions
This is a one-off contribution that you make towards your super fund, without committing to regular extra contribution, through salary sacrifice. This is perfect for anyone who is eligible for government co-contribution, or would like to boost your spouse’s super. Because income tax has already been paid from this money, you won’t have to pay any additional tax.
3. Government co-contributions
If you are earning less than $61,920, the Government will match your after-tax super contributions. This is the best way to boost your super if you are eligible. Also, if you are self-employed, this might be your only way to boost your super, lest you will not have anything for your future.
4. Contribute for your spouse
You may be able to claim as high as 18 per cent tax offset, if you contribute up to $3,000 to your non-working or low-earning spouse’s super fund. You can also split super contributions with your spouse. There may be tax benefits, especially if one of you is closer to retirement than the other. You will need to set up any splitting arrangements with your employer and super fund.
With these easy and simple steps, you can lead a life that is just perfect. There are many people who have the time, but not the money to enjoy what they want, while there are some who have the money but not the time to enjoy what they want.
With that little extra contribution towards your super, you will have the time and the money that you need to lead a perfect life.
Imagine the many things you can do with those extra $90,000 that you have in your super after contributing only about $30 per week.
You can take a fantastic holiday at your dream destination that you've always put off; you can buy the car that you have always wanted or even buy the beach front apartment you've been thinking about for years. It is your perfect retirement; you've earned it.
Voluntary super contributions are an effective and simple way to get there faster.
Have you you made voluntary contributions in the past?
Should you be discussing this with your partner today?
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