It's generally a good idea to save for retirement through your superannuation, even if you're eligible for the age pension. The age pension provides a basic level of income for eligible retirees, but it may not be enough to support the lifestyle you want in retirement.

By contributing to your superannuation, you can potentially increase your retirement income and have more control over your finances. Superannuation also provides tax benefits, as contributions are generally taxed at a lower rate than your income tax rate.

It's important to remember that the age pension is means-tested, which means your eligibility and payment rate will depend on your income and assets. If you have significant assets or income in retirement, you may not be eligible for the age pension or may receive a reduced payment.

By saving through your superannuation, you can potentially reduce your reliance on the age pension and have greater financial security in retirement. You may also be eligible for government co-contributions or other incentives to boost your superannuation savings.

Covid, inflation, interest rates, Ukraine. If the last year or two has taught us anything, it would be to expect the unexpected. Do you really want to rely on the Federal Government for your retirement income?

Rick Maggi