Self Employed – Are Super contributions Necessary?

I’m self-employed. What’s the best way to save for retirement when I don’t have my employer making super contributions like many others do?

As a self-employed individual, you’re responsible for building your own retirement savings, which means

planning carefully to ensure your future income is secure. You should aim to make contributions to super on your own behalf. Making voluntary concessional contributions (before-tax) can reduce your taxable income while boosting your super balance. Additionally, if you have extra funds, non-concessional (after-tax) contributions may further en- hance your retirement savings. Each option comes with its

own rules and potential tax implications, so it’s important to tailor your strategy to your cash flow and long-term financial goals.

A financial adviser can provide guidance to design a retirement plan that works for your situation.