Save for your future with superannuation
Super is simply money you set aside while you’re working to help fund your retirement. It’s invested in a superannuation investment – such as a super fund or a self-managed super fund. And it’s kept there until you retire (or you meet one of the other conditions that allows you to ).
Superannuation is a tax-effective way to grow your savings
By its very nature, super is a long-term investment. And while investment markets can go up and down in value, over time, your super should grow as a result of ongoing contributions and any positive investment returns earned on your money. Super can be a tax-effective way to invest and save your money, because super investments are generally taxed at a lower rate than most other forms of investment.
Every little bit of super counts
Your superannuation is much more than just a tax-effective investment. It’s also one of the biggest investments most of us will have besides the family home. It’s definitely one of the longest single investments we’ll ever hold and every little bit really does count. Small amounts added to your super over time can make a big difference to the type of lifestyle you can afford in retirement. The same goes for taking regular small steps to keep your super organised and on track.
Adding to your superannuation
Most of us start our first super account when we’re earning enough money to qualify for Superannuation Guarantee contributions. These are the contributions employers are required to pay into your super on your behalf. Employers are currently required to contribute at least 9.5% of your salary to your super. And there are plenty of other ways to add to your super. You can make your own extra contributions; your spouse can contribute on your behalf, and the government can also chip in with additional contributions for lower-income earners.
Accessing your super
Super is designed to help you save for your retirement. That’s why you’re not able to access your super until you meet specific ‘conditions of release’ set by the government. Reaching retirement age is one such condition and there are others, including some that allow you to gain early access to your super in special circumstances.