Ask Paul: My son has a disability and may not work, should I top up his super?


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My 20-year-old son has just been diagnosed with a disability and may not work in the future.

Should we put $20 or more a week into his super fund for his retirement age?

He's currently with REST. - Chelle

ask paul my son has a disability should i top up his super

That is really upsetting news, Chelle. My very best wishes to your son for his future. Where he is a lucky young man is the obvious support and love he has from you and your family.

Yes, you can add to his super and that would be of practical support in the years to come. A bit of a bonus here is the low-income super tax offset (LISTO).

If your son is earning under $37,000, which sounds most likely, then the ATO will automatically add 15% of whatever you put into the fund each year.

So, if you were doing $20 a week, or $1040 a year, the ATO would add $156 a year.

Do this each year and with compound returns inside the super fund the money would become very meaningful in decades to come.

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Paul Clitheroe AM is founder and editorial adviser of Money magazine. He is one of Australia's leading financial voices, responsible for bringing financial insight to Australians through personal finance books, the Money TV show, and this publication, which he established in 1999. Paul is the chair of the Australian Government Financial Literacy Board and is chairman of InvestSMART Financial Services. He is the chair of Financial Literacy at Macquarie University where he is also a Professor with the School of Business and Economics. Ask Paul your money question. Unfortunately Paul cannot respond to questions posted in the comments section. View our disclaimer.