Superannuation

Fatten your super before July 1 hits


Jarrod Sierocki

Follow David Koch’s tips to help grow your nest egg

The clock is ticking to make the most of retirement savings before the July 1 super changes.

BIG changes to superannuation are approaching quickly, and savers should consider strategies now to prevent losses and avoid missing out on gains.

While the headlines have been dominated by the new cap on people’s tax-free super retirement pensions of $1.6 million — a number most Australians won’t reach — there are plenty of other changes coming on July 1 that have a much broader impact.

Here are five things to think about now.

Jarrod Sierocki

There’s a wave of superannuation changes that are about to hit on July 1.Source:istock

1. CHECK YOUR CAPS

The concessional contribution cap for pre-tax super contributions, such as employer payments and salary sacrifice, is dropping to $25,000 a year for everyone — down from up to $35,000 today.

HOW to triple your retirement income

Wealth on Track principal Steve Greatrex said pre-retirees who were beefing up the…

Read the full article at: http://www.news.com.au/finance/superannuation/five-things-to-do-with-your-super-before-the-july-1-rule-changes/news-story/5cf3a33e4c6eb71f740e338a5d60d034

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