Neil’s story: A bigger nest egg with less tax to pay
As a teacher, I was excited about retiring so I could travel outside of school holidays for a change. But I put it off for quite a while because I didn’t think I’d have enough money to see me through. I suppose that was a good thing really because it made me decide to get my super sorted out well before I retired.
I did have a bit of an idea about what was needed, like paying extra contributions or a lump sum into my fund. But I’m not financially minded and knew I could lose out later if I didn’t get it right. Meeting with my StatePlus planner, Mark, was brilliant because he really knew his stuff and made sure I did things at the right time to get the best outcome.
In the end, I’m around $4,500 better off from tax savings I made by making salary sacrifice payments in the run up to retirement. I don’t usually recommend companies, but a friend of mine was worried all his money would somehow disappear when he retired. I suggested seeing Mark, so he can start planning for a secure retirement he can actually look forward to.
To find out more about how Neil saved on tax, download this factsheet.