You’ll have heard the old, almost grandmotherly adage that ‘every dollar counts’. But guess what – it’s true.
Voluntary after tax super contributions, also called non-concessional contributions, refer to any payments you make to your super fund out of your take-home pay. Making after-tax super contributions is an easy way to boost your retirement savings on your own schedule.
Setting up small, automatic after-tax payments is a simple and effective way to add a little extra every month. In the same way people empty their coins into a change jar at the end of a day, making small contributions to your super is like putting your coins into your super savings instead, which you can access when you retire.
One of the great things about making small contributions is that you only have to contribute what you can afford. Whether it’s an extra $5 a month, or an extra $50, even small amounts can add up to make a big difference.
If automatic after-tax contributions aren’t your style, you can also make one-off contributions whenever you have spare money. You can also consider looking into salary sacrifice, which is often the most tax effective option. Depending on your financial circumstances, these could be great options for you to make a big difference to your retirement savings.
You can make after-tax contributions to your super any time . Please contact us on |PHONE| if you require further assistance .
Reproduced with permission of National Australia Bank (‘NAB’). This article was original published at https://www.nab.com.au/personal/learn/growing-your-superannuation/sizing-up-your-super-with-after-tax-contributions
National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686. Any advice contained in this article has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice on this website, NAB recommends that you consider whether it is appropriate for your circumstances.
© 2018 National Australia Bank Limited (“NAB”). All rights reserved.
Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business, nor our Licensee take any responsibility for any action or any service provided by the author.
Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.