In this guide
Tax planning in your final working years matters more than at any other career stage, since your earnings are usually highest and access to super is near or already available. At the same time, your focus shifts from accumulating wealth to setting your savings up to generate tax-effective retirement income and perhaps an inheritance for the next generation.
High income means the gap between your marginal tax rate and the 15% super contributions tax is likely at its highest and you have the capacity to save. Meanwhile, additional super contributions may be more affordable and tax-effective now than earlier in your career.
Gaining access to your super also opens up new opportunities to reduce future tax for beneficiaries, boost your balance, ease into part-time work or redistribute savings between yourself and your partner.
Combined, these factors make your pre-retirement years ripe for action, but getting the sequence and timing right is key because limits apply and some windows of opportunity close quickly.
Follow our roadmap to set the wheels in motion.
Groundwork
Before designing a strategy, get to know your current position and plans, since the sequence you choose depends on where you’re starting from. Here’s what to gather first:
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