I think super is a terrific way to save for retirement. You start a job and your employer is legally obliged to contribute into your superannuation account – currently 11% of your ordinary time earnings and increasing to 11.5% on 1 July 2024. It’s a tax effective environment, it compounds over your lifetime and there are even bigger tax advantages if you turn it into an income stream in retirement.
However many people who have already retired won’t have had the advantage of super all their lives. They are often playing catch-up. And getting money into super isn’t quite as simple once you have retired. But it’s not impossible if you understand the rules.
Because of the tax advantages of super there are limits to how much you can put in both when you are working and also after you have retired. And the rules change as you pass different age milestones so here’s a brief summary of the main rules.
