February 1 2024

Making the most of super in your 50s

When you’re in your 50s, retirement really may not be so far away anymore! Here are five things you can do for your super now that might help you. 

1. Consider making voluntary contributions

Making voluntary contributions on top of your employer contributions can boost your superannuation and help you in retirement. There are several ways to make voluntary contributions depending on your personal circumstances. However, you should be mindful of contribution caps, as exceeding these caps may mean more tax.

See how you can add to your super

2. Consider getting some financial advice

A Rest Adviser can offer advice on your super to help you manage your financial goals. They’ll ask you questions about your money and personal situation so they can help you navigate your financial planning journey.

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If you’re a Rest member, you can talk to a Rest Adviser over the phone about your Rest account. For simple super advice, there’s usually no extra charge to you.

For advice on more complex situations (such as retirement planning) the cost will depend on the topic and your circumstances. Your Rest Adviser will always talk to you about any fees before providing you with any personal advice.

3. Think about emergency savings

Consider putting away some money for a rainy day outside of super. Whether it’s for an unexpected medical bill, or to pay for your children’s education (high school or tertiary) – an accessible lump sum can come in handy. Super may not be available in an emergency unless you meet a condition of release (such as retirement or financial hardship) – accessing your super in an emergency could also impact your retirement savings.

4. Look at your investment strategy

Your 50s could be a good time to think about risk and how you might rebuild your investments if the market were to fall or your investments perform badly. Opting for a retirement strategy that focusses on security but still offers some growth may help offer you peace of mind.

More investment strategy tips

5. Plan for the long term

Based on the most recent data from the Australian Bureau of Statistics, the life expectancy of Australians at birth was 81.2 years for males and 85.3 years for females in 2020-2022.* If you’re 50 now, you may have a good 30 years or so of your future to think about, which is a long investment time frame. That’s why it helps to plan for your retirement now so you understand how much you’ll have and how much you may need.

*Source: Australian Bureau of Statistics (2020-2022), Life expectancy.

This information has been prepared for general informational purposes and should not be relied on for tax, accounting or other professional advice. Before making any decision or acting on the information, you should seek appropriate tax, accounting or other professional advice relevant to your circumstances.

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