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Be aware of costs that impact your investment

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There’s a lot you can do now to make your retirement nest egg grow most efficiently.

Tax can take a lot out of your retirement, so it's vital that you’re aware of the taxation rules that can impact your retirement savings. Getting the right advice can help you manage these taxes so you can have more left over to invest in your future.

Here’s what you can do to get the best tax outcome in retirement

Depending on your circumstances, there are some tax strategies that can help:8

If you're aged under 559 and still working: boost your super through salary sacrifice. It may be tax-efficient and could mean that you can make a bigger after-tax investment for your retirement. If you're self-employed, and satisfy certain eligibility criteria, you may be able to contribute to super and claim the contribution as a tax-deduction.

If you're aged over 559 and still working: think about a transition to retirement strategy, where you work part time and contribute to super while drawing an income. You can do this through your super to grow your retirement savings without reducing your income.

If you're aged 60 or over and retiring: use your super to start an income stream investment. No tax is payable on earnings, so you can receive unlimited tax-free income stream payments. And you don't have to include the payments in your annual tax return.

“With the right advice and the right investments, you can have more left over to invest in your future.”

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