Boost Super for Retirement: Tax Savings & Access

0:00It's March 22nd, you're listening to Adelaide News today, AI-powered local news. I'm Cory with the story. Salary sacrificing into superannuation can be a smart move as your approach retirement, even if you still have a mortgage. For someone 65 years old, planning to work until 70, putting in $100 a week pre-tax saves on income tax right away. The higher your tax bracket, the bigger the benefit. At that age, you can access your super anytime without penalties, so you could pull out tax-free funds to pay off the mortgage later if needed. This assumes you're keeping up with regular loan payments comfortably. It's not all or nothing. Many retirees mix super-income with the age pension for a better lifestyle. Most people end up partially self-funded rather than fully independent, and that extra super makes a real difference in daily life. Your friend might not hit full self-funding, but boosting super now builds a stronger base. On contributions, the Bring Forward Rule lets eligible folks under 75 put up to three years worth

1:01of after-tax money into super-at. Once $360,000 for the 2025-26 year if they exceed the $120,000 annual cap, it depends on your total super balance and age. If you've retired early but returned to part-time work at 58, full access waits until 60 when employment ends or you stop working over 10. Hours a week. Until then, transition rules let you draw up to 10% yearly. Always check your situation with a financial advisor for personalized advice.