Superannuation is a way of saving for your retirement by putting money into an account where interest may be accumulated throughout your working life which you can use to live on when you retire.
Your super may become your main source of income once you retire and that’s why it’s important to have superannuation and add to it whenever you can so you’ll have enough money saved up to be able to live comfortably in retirement.
Superannuation is governed by law which states that your employer must pay superannuation contributions for you, on at least 9% of your wages. This money is not taken from your wages, but is a benefit paid on top of those wages. You usually can’t withdraw your super until you reach a certain age (generally 60 years plus).
Whilst access to super is limited, the tax treatment of super is often favourable when compared to other similar investment avenues.
Learn more about super
Why not spend a few moments to learn about:
- How super works: Superannuation is essentially a compulsory payment made by your employer which is invested by a super fund such as AustralianSuper to earn interest which can be used when you retire
- Building your super for a better retirement: Superannuation is a tax-effective way to save for retirement because of the tax concessions provided by the Government
- Accessing your super savings: Government restrictions apply when accessing your superannuation. You may be entitled to access your super savings when you retire, on compassionate grounds or due to severe financial hardship
- How super is taxed: For many people, superannuation is one of the most tax-effective ways of saving for retirement
- Staying with AustralianSuper, even when you change jobs: When you start with a new employer they will ask you to nominate a super fund and if you don’t they will choose one for you
- Help with retrenchment: Know your options if you are retrenched
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Super tools
AustralianSuper provides a number of tools and resources to help you understand super and assist with your retirement planning.
The tools include: