Rebuilding super savings made harder

The government has reneged on a promise to allow savers with less than $500,000 to have higher contribution limits.

PORTFOLIO POINT: Savers with less than $500,000 will not be eligible for higher contribution limits as previously promised by the government.

Australian investors – especially savers who are close to retirement – have been hit with a negative surprise in this year’s federal budget as a promised exception to the new contribution caps has been deferred by two years.

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