Don’t neglect retirement savings

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Self-employed people often earn a decent income while working.
However, without the benefit of employer-paid superannuation contributions
often have little money to live on in retirement. Don’t rely on selling your
business to fund your retirement. Without your involvement, your business
may not be worth as much as you hope, or may be difficult to sell when it
comes time to retire. Instead, think about building up your superannuation to
help fund your desired lifestyle in retirement.
Superannuation is an extremely tax-effective way to save for retirement.
Contributing to super can also reduce how much tax you pay today.
Self-employed people could potentially claim a tax deduction of up to $30,000
each year for contributions into superannuation (or $35,000 annually if you
are aged 50 or over). This is an effective way to minimise your tax today while
building your retirement savings for the future.
Remember to make your contributions before 30 June to claim them as tax
deductions.
You may also be eligible for the government co-contribution?

Testimonials

"Self-employed people often earn a decent income while working. However, without the benefit of employer-paid superannuation contributions often have little money to live on in retirement. Don’t rely on selling..."

Don’t neglect retirement savings
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Meet the Team at Momentum

David Gourley

Director / Financial Planner
Team Profiles

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