What is Superannuation?
Superannuation is a way to save for your retirement. The money comes from contributions made into your super fund by your employer and, ideally, topped up by your own money.
Your employer must pay 9.5% of your salary into a super fund. This is called the Super Guarantee and it is law. The Super Guarantee will gradually increase to 12% over the next few years.
Over the course of your working life, these contributions into your super account will add up, or accumulate. Your super money is also invested by your super fund so it grows over time. When you retire, you will have money to live off – a nest egg. Super is a lifetime investment that has many benefits.
Benefits of super;
- Provide savings for your retirement
- Enjoy tax advantages
- Bonus contributions from the government
- More affordable personal insurances