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BIS Cosgrove Accountants Gold Coast & Brisbane

Superannuation: Save At Every Age

When it comes superannuation savings, age plays an integral role in planning for the golden years. This is a long-term investment that should be started as soon as possible to make it easier to reach your goals and live comfortably after retirement.

While you may already have a diverse range of other investments out there, you may be tempted to shift it all into your super to get the tax savings. But before you do, it’s important to make sure you understand the benefits and the best savings strategies based on your age and savings goals.

Saving in your 30s & 40s

Your 30s and 40s are the best time to begin superannuation planning if you haven’t started already. You may already have a bit of experience under your belt, but you’re still a spring chicken with many years left to accumulate wealth.

Before you settle on a savings strategy, it’s important that you have a clear idea of what you want your superannuation and retirement goals to look like. You can get started by answering the following questions:

  • How much will I need for retirement?
  • Will I stay in my current super and, if not, which super will I choose?
  • How much will my contributions be?
  • How will my super funds be invested?
  • When will I have enough saved to retire?

This period is the best time to begin developing and implementing a strategy when it comes to your super fund.

Saving in your 50s

Your 50s are usually a time where many Australians begin to worry about outstanding debts and other expenses such as child rearing costs or education fund commitments as part of superannuation planning. These factors can make it harder to keep saving at the rate you need to for a comfortable retirement.

This may also be the decade in which you reach preservation age. For individuals born prior to July of 1960, preservation age begins at 55. Anyone born after 1960 but prior to 1964 may have a preservation age in the 56 to 59 year range (depending on the exact date of birth). And anyone born after July of 1964 has a preservation age of 60.

Once you reach your 50s, you may become eligible for more tax deductions and higher contribution limits. This provides more flexibility as you near the age when you may need to use your retirement investment to live on. At this point, you may begin to consider how you will decrease your work hours and commitments over the coming years.

Saving in your 60s

For many, your 60s are the time right before retirement. This is also a great time to start putting as much money as you possibly can into your super. You will still have to survive day to day, so make sure your contributions aren’t causing financial hardships in the present, but saving as much as you can, where you can, will see you reap the most rewards come retirement.

The TRIP transition to retirement pension also becomes available during this period, which you can utilise to increase savings in your super by sacrificing salary to receive helpful tax concessions.

70 and Beyond!

Once you have arrived at retirement age, utilising your super is a must. This is what all the hard work was for! It’s time to reap the benefits.

After you retire, you can withdraw your funds without any taxes (unless they came from an untaxed source). Many Australians will opt to strategically move other assets and investments into their super at this time.

Whether you’re a young adult, seasoned professional or ready for retirement, it’s never too early (or late) to start superannuation planning.


At BIS Cosgrove, our team of accountants and advisors hold a wealth of knowledge in superannuation and retirement planning. We even have a dedicated and specialist accredited Self Managed Super Fund (SMSF) team for when your ready to take your super into your own hands. Get in touch with us today and begin your superannuation savings journey.

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The material and contents provided in this publication are general and informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.