For many people, super is a mystery. AustralianSuper is dedicated to helping like you understand super and help you prepare for the future. Let’s get started...........
Generally from the moment you start working and earn above $450, you’ll be putting money aside for your super. Your savings are there to grow over the length of your working life and are available when you’ve stopped working.
Your savings grow because your employer pays a compulsory sum of money into your super account. This sum, called the Superannuation Guarantee, is 9.5% of your before tax income. Some employers may even contribute a higher amount.
But whatever your employer pays, it may not be enough to enjoy the lifestyle you want in the future. Fortunately, there are ways you can save more.
Like Salary Sacrifice. It can be a tax effective way to save because these contributions come from your before-tax income. Or you can make after-tax contributions, that you add yourself from your take-home pay. You can choose to make lump sum payments or smaller regular payments.
When you join AustralianSuper your savings will be invested in the Balanced option, unless you choose another investment option.
Either way, it’s important to remember that investment returns will vary depending on how the global market is performing. This means the value of your super can go both up and down.
But because super is a long-term investment it pays not to react to any short-term negative performance.
Your super account can also come with different types of insurance that can cover today if you’re unable to work due to illness or injury.
Cover includes Total & Permanent Disablement Income Protection and Death. The best part is you can apply to change your cover as your life or career changes.
And as you get closer to retirement, AustralianSuper has made it easy to transition from your super account into an income account.
For more information, go online or give us a call – we’ll be happy to help.