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Ability to catch-up on super critical
Catch-up superannuation contributions are critical to allow people to build healthy retirement savings and any reductions in concessional caps will undermine this ability, according to a report.
The report by the SMSF Association and Rice Warner found there was a strong increase in self-managed superannuation fund (SMSF) member contributions to superannuation after entering their 50s and then through their early 70s.
SMSF Association chief executive, Andrea Slattery, said "this supports the Association's long-held belief that most people make significant contributions to build their retirement savings later in their working life".
"Any move by the Government to reduce concessional contribution caps will undermine people's ability to build adequate savings to use in retirement, with the inevitable effect of increasing their reliance on the Age Pension" she said.
"This is especially relevant for people with broken work patterns, such as women taking time out of the work force to raise children.
"The research shows that females start making catch-up contributions earlier than males, and this should be catered for by adequate and flexible contribution caps."
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