Maximising wealth together: Super contributions for your spouse

Maximising super contributions for your spouse is a smart financial move that can benefit both your partner and your family’s long-term financial security. By actively contributing to your spouse’s super account, you not only help them build a more substantial retirement nest egg, but also enjoy potential tax benefits in the process. However, it’s essential to understand the eligibility criteria, contribution limits, and potential implications on other aspects of your retirement plan and estate planning.

How to upsize your super with a tax-free downsizer contribution

Did you know from age 55, you may be eligible to make a super contribution of up to $300,000 using the proceeds from the sale of your home? 

Downsizing your home in retirement could have several upsides – some money in your pocket, less maintenance, and depending on your new location, greater convenience. 

If it’s something you’ve thought about, particularly if you’d like more savings to fund your retirement, the government’s downsizer contribution scheme may be of interest.

Here’s what’s involved, what the potential benefits may be, and what you should consider.

Making downsizer contributions into super

If you’re over 55 and looking to boost your retirement savings, you may be eligible to make a super contribution of up to $300,000 from the sale proceeds of your primary residence.

Avoid the superannuation death tax

As superannuation assets and individual balances continue to grow, more and more Australian families will receive a rude shock after the death of a family member in the form of up to a 17% tax bill on a portion of the deceased superannuation benefits. In some rare cases, tax of 32% could be levied.

Will you be able to afford to retire?

FORO – the fear of running out – is a very real issue in Australia. AMP’s Financial Wellness research indicates that almost 50% of Australians are worrying that they don’t have enough money for retirement.