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I can understand how you would get $5mill.I just don't know...

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struzball

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20/02/23

10:22

Post #: 66342889
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Originally posted by pugsley100: ↑

That's the concessional cap.
There is another non-concessional cap that is a multiple of that.
If you put $50,000 grand in a year for 30 years @ 6.5% return you'd end up with around $5mil minus fees and taxes.

Also someone might have an investment in a SMSF that takes off.
From previous news stories there might only be 10, 20 or 30 thousand people with balances over $5 million.
Some people use super for estate management rather than retirement.

I have personally used super to minimise my tax burden because i was mostly self employed.
There is also the downsizer contribution where oldies can sell assets and put $300k into super.
So a couple could contribute $600k when they sell their home now worth 6 times what they paid for it back in the day.

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I can understand how you would get $5mill.
I just don't know why.

I see no reason to put after tax money into super.
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