I am near retiring age but have little to no super. Should I put my savings into super now or invest it?

Q.

My super is almost zero. I have $100,000 in cash to invest now. Would it be better to put it into super, or go directly to the market? I am 66 years of age, still working earning about $60,000 gross per year and expect this to continue for at least another three years.

Superannuation is the ideal environment for you because of the low tax on income but another option would be to make salary sacrificed contributions into super to a level where your taxable income is just under $34,000 a year. You could then withdraw money from your savings to compensate you from any cash short fall you may have because your take home pay is reduced and because you have got your income to a level where you are in the 15% tax bracket the income on your savings will be taxed at the same rate as if they were in super.