Worried about the tax on $3m plus super balances? Here’s how you’ll survive

Retirees with substantial super savings may face an extra 15% tax on balances over $3 million under the government proposal. Those nearing retirement with around $3 million in super could pay an additional $2,355 annually, which is minimal compared to their income of over $170,000. Higher savers might see larger impacts, but even they can still maintain a comfortable lifestyle without significant extra taxes.