Consult financial advisers for personalized superannuation strategies

Many people want to learn about superannuation strategies, like salary sacrificing and spouse contributions. However, it can be confusing to find out what works best for each individual. Mark Chapman, a tax expert from H&R Block, says it depends on various factors. These factors include your age, your retirement plans, your income, your assets, and how much risk you are willing to take. Talking to a financial adviser is a wise choice, Chapman says. It can be hard for individuals to understand their own financial situation. Lynda Cross, who works at Aware Super, adds that your super fund can offer free or low-cost advice. You can also educate yourself using helpful resources, like MoneySmart and the Australian Taxation Office (ATO). Here are some common super strategies to consider: **Salary Sacrificing**: This option lets you ask your employer to pay more into your super from your pre-tax salary. This reduces your taxable income and might save you money on taxes. It’s effective for those earning over $45,000 a year. **Spouse Contributions**: If your spouse earns less than $40,000, you can receive a tax offset when you contribute to their super. This helps increase their superannuation. The tax offset can reach 18% for contributions up to $3,000. **Downsizer Contributions**: If you are over 55 and sell your home, you can put some of the sale money into super. This can be up to $300,000 for individuals or $600,000 for couples, supporting a tax-efficient way to save. But, this may affect your eligibility for the age pension. **Transition to Retirement (TTR)**: Once you reach your preservation age (between 55 and 60), this strategy lets you access part of your super while still working. This helps increase your income while you continue saving for retirement. If you are 60 or older, withdrawals from your TTR are tax-free. It is advised to reach out to your super fund for assistance, as they can help guide you in making the right decisions.