The silent deadline that could make or break your retirement
Turning 50 can be a pivotal moment to take control of retirement planning, especially with strategies like catch-up concessional contributions. These allow individuals to make up for unused superannuation contribution caps over the past five years, provided their balance is under $500,000. Acting in the early to mid-fifties maximizes the benefits of compound growth and tax-effective contributions before options diminish in later years.
- ▪Individuals under 65 with a super balance under $500,000 can use catch-up concessional contributions to make up for unused caps from the past five years.
- ▪The annual concessional contribution cap will rise to $32,500 on July 1, 2026, from $30,000.
- ▪Catch-up contributions are particularly beneficial in the fifties when incomes are typically at their peak and tax savings are significant.
- ▪This strategy allows for larger, tax-effective super contributions that can substantially boost retirement savings.
- ▪The opportunity to use these contributions is time-limited and less viable closer to retirement age.
Opening excerpt (first ~120 words) tap to expand
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.