My FIRE date will be ~20 years from when I can access super -- is there any point in maximizing the tax advantage now? Also I'm likely to get a bit of inheritance (or at least gifts) by the time I'd be old enough to get to the super, plus I'd be eligible for the age pension if I've got no money left by retirement age so this devalues it even more. How do other people here consider their super stash? I consider it only good for generational transfer.
Please do not aim so low that you rely on the age pension. It beggars belief that people prefer to shoot themselves in the foot to live off the pension, rather than accumulate a little bit more which will compound into a hell of a lot more income down the track.
Save enough into super now and you might find that you have a beautiful nest egg down the track giving you twice if not thrice the age pension.
The issue is whether to save into index funds out of super (with limited tax advantage) or lock up funds with some tax advantage. With good returns for the period from when I retire until I can access super then the tax advantage doesn't matter, with terrible returns I might be forced to work again if I have too much in Super and not enough outside of Super. Having a more luxurious final 5 years of life is not worth anything to me, especially when compared to having 5 years of mid 40's life without working. Combined super is currently $230k with $350k in index funds and cash (slowly dropping the cash component). We're both 38, 2 kids, no debt, nice house.
Ok lets lay this out... Couple, 38, FIRE date ~2 years from now? (20 years from access to Super age (60))
The $230k in Super you have now @7% after tax returns will compound to $890k at 60. That will give you a pension of $36,000 a year, and if history is any guide, by the time the minimum pension rates ratchet up at age 65 and 70 your original $890k will have grown quite substantially as well.
This assumes you don't contribute anything more to super at all over the next 22 years. Contribute even $10k a year between you (from savings or part-time work, whatever) and you can see where your balance is heading.
People think it's the norm for Super nest egg balances to come down, when in reality, past a certain threshold, they're likely to simply keep going up in retirement.
You've got $350k non super investments now, plus whatever equity in your current house (option of downsizing etc etc)
You only really need a strategy to get you through the next 22 years now - $350k is probably not enough, $1m is probably too much (assuming your spending is not outrageously high).
Not enough info to figure it out, but it seems you're well on your way :)