After a year when the average superannuation balance fell slightly or, at best, moved sideways, the summer holidays could be a good opportunity to think about ways to rebuild your savings while being mindful of tax.
Making your savings work harder
With tax cuts and stimulus payments on the way, Treasurer Josh Frydenberg is urging us to open our wallets and spend to kick start the national economy. If your personal balance sheet could do with a kick along, then saving and investing what you can also makes sense.
Getting retirement plans back on track
After a year when even the best laid plans have been put on hold due to COVID-19, people who were planning to retire soon may be having second thoughts. You may be concerned about a drop in your super balance, insecure work, or an uncertain investment outlook.
Super changes add flexibility
Elderly superannuation members keen to top up their savings are set to benefit from the most recent changes to the rules of superannuation.
Making your wishes known
While Australia’s handling of the COVID-19 pandemic was among the best in the world, the speed and spread of the illness underlined just how fragile life can be. It was also a solemn reminder of the importance of ensuring your affairs are in order, so your wishes are met – in life and death.