Superannuation strategies will typically fall into two main stages:
- Accumulation – Growing your superannuation savings.
- Pre-retiree – Considerations if you are nearing retirement.
Here we discuss both of these stages and help you decide which superannuation strategies may suit your needs.
Growing your superannuation savings
Financial advisers will often call this the ‘accumulation stage’ of super saving, meaning that you are in a phase of trying to save up as much money as you can before you retire.
Growing your superannuation savings may be easier when strategies are discussed with an adviser, and appropriate plans are put in place based on your personal needs and situation.
Below are some of the main strategies you can use to help grow your super:
- Additional Superannuation Contributions
- Salary Sacrifice to Superannuation
- Government Co-contributions
- Spouse Contributions
This stage is normally reached when a person either reaches their 50’s or is 5 to 10 years away from retirement.
This stage typically involves increasing your contributions and consolidating your position in preparation to retirement.
If you are nearing retirement then a ‘transition to retirement‘ strategy may be an option for you.
This strategy can help you boost your superannuation savings without making a huge impact on your lifestyle.