Im 62 and have $3k left on my mortgage on which i pay the minimum and have $20k in advanced payments.
Would it be beneficial to access some of the $20K to put into my super fund?

Hi Barbara,

The answer is possibly.

I wouldn't do it as a non concessional contribution. However, if you are working and paying income tax, then you might want to be looking at making concessional/salary sacrifice contributions. If you are unable to fully utilise your concessional contribution cap before the end of the financial year through your cash flow via salary sacrifice, then you may want to look at making a personal tax deductible contribution using those funds available. The amount to do would be either up to you concessional cap ($25k - which includes employer contributions) and/or the point at which you don't get any more tax benefits.

Cheers

Glenn

Hi Barbara,

a tax saving is not the only reason to make a super contribution. I would find myself a good financial planner who is ALSO an accountant or at least part of an accounting firm that can give you advice on the whole picture....tax, super, retirement planning, estate planning, ect etc etc. You really cannot look at making some extra super contributions without looking into the effect this might have on other things.....it is likely to cost you a bit, but you will then have a much better game plan for your retirement to work with.
good luck with it
Brendan