You could be a lot better off if you invest in super not just your mortgage

It's never too early to save for your retirement — and it's tax effective.

A commonly asked question is... should you use any extra dollars to pay off your mortgage or invest in your super? The numbers tell a compelling story: concessional super contributions are taxed at a maximum rate of 15%, while home loan repayments are usually made from income that has been taxed at marginal rates of up to 49%16. This means many people could be a lot better off putting extra money into super.

What can you do to boost your super?

Get started today: if you're under 49, you can contribute up to $30,000 p.a. of your pre-tax salary, wages or bonus into your super fund at the 15% tax rate. If you're 49 or over you can contribute up to $35,000 p.a.15 in the current financial year.

Talk to an expert: find out whether making extra contributions to super is the right strategy for you, how to do it and how much you should put into your super.

Talk to your employer about salary sacrifice: not all employers offer salary sacrifice and some have quite specific requirements.

“Many people could be a lot better off putting extra money into super”

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