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The New Daily

Business

Craig Sankey

Top-ups, preservation age and early retirement: Finding balance with your super

Your superannuation is there for your retirement. So make it work for you, writes our finance expert. Photo: Getty

Question 1. I am 74 and my husband is 75. Recently we received a $500,000 inheritance. We are no longer paying tax, we have $700,000 in our own personal accounts and the same in a SMSF. I realise that I will be able to contribute $330,000 after July 1 and before I turn 75. Is there any benefit for us to do so considering we don’t pay any tax now?

You are correct in that you should be able to contribute $330,000 as a non-concessional contribution into super, before you turn 75.

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