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Making it last

Early release of superannuation

BEWARE OF THE ILLEGAL SCHEMES TO GET EARLY ACCESS These usually involve transferring your balance from your existing super fund to a self-managed super fund (SMSF). SMSF’s are of course totally legal but the promoters of the early access schemes will tell you that you can then access your super to pay off credit card debt, buy a house or car, even go on holiday. Beware - these schemes are illegal, usually involve high fees and commissions, and may expose you to further fraud and identity theft.

How much superannuation is enough?

“TODAY’S DOLLARS” All the figures on this page are ‘in today’s dollars’ which means they’ve been adjusted for inflation. And it makes a big difference: save $500 per month for 35 years at 5% p.a. and you’ll end up with $570,913. Hooray! Job done! …except that in 35 years inflation will erode the purchasing power of that money and it won’t buy you the lifestyle it would today. That’s why these figures - and the calculators we link to - must and do adjust for inflation.

A home loan on the Age Pension? … reverse mortgages

MONEY FOR NOTHING? Some companies may offer you an income stream — not for part of the existing value of your home — but in return only for its capital appreciation. This may sound very attractive. (Almost too good to be true?) These agreements, called property options, are generally valued very conservatively though. The income you receive will probably be much lower than the capital appreciation of your home which you are giving up.

Government Co-contributions to your Superannuation

BUT WAIT, THERE’S MORE… Up until 30 June 2017, if you earn less than $37,000, the government will also make a 15 cent 'Low Income Super Contribution' for every dollar of concessional super contributions (that is ‘super guarantee’ contributions by your employer and/or ‘salary sacrifice’ contributions by you from pre-tax earnings) — up to another $500 co-contribution. …subject to the same eligibility rules about work earnings, age, and residency.