Super 101

Whether you have just got your first job, looking to sort out your finances prior to Hajj, or are getting close to retiring, superannuation is very important to your long-term wealth creation.

Superannuation is paid from your earnings, it’s your money, and is invested into your nominated superannuation fund, by your employer, on a regular basis, for your future.

For most Australians, superannuation will be the second largest asset owned at retirement after the family home.

Thanks to the superannuation guarantee, and contributions made by your employer over your working life, you are more likely to eventually have significant savings that can help pay for your life after work.

Superannuation, by definition, means a regular payment made into a fund towards a future pension. This means that you typically can’t access your money until you retire.

However, even if retirement is a long-way off, it’s important to engage with you super once you enter the workforce in order to maximise its potential and realise its future benefits.

Equally important is reviewing your super regularly in order to meet your changing life experiences and conditions, along with your long-term goals.