There are more than a million retirees who are leaving their hard-earned cash on the table for the taxman to feast on for longer than necessary.
There’s a puzzling issue in Australian retirement finances that’s got everyone scratching their heads: why aren’t older Aussies making the switch to retirement-phase superannuation sooner and reaping the sweet, tax-free benefits?
These are folks who, regardless of whether they’re still working, could make the leap from the “accumulation phase” to the ‘retirement phase’ and watch their superannuation earnings and capital gains become tax-free instantly, adding a decent amount to their annual returns. But in doing so, they don’t realise that they’re paying up to 15 per cent income tax as well as capital gains tax on their investments in the accumulation phase that they wouldn’t have to pay in the retirement phase of superannuation.
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