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:
Super tools
AustralianSuper provides a number of tools and resources to help you understand super and assist with your retirement planning.
The tools include: