Super Fundamentals

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

Superannuation is part of your income, it’s your money that is invested into your nominated superannuation fund, by your employer, on a regular basis. For most Australians, superannuation will be your second largest asset at retirement after your family home.

Thanks to superannuation guarantee contributions that are made by your employer over the course of 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 after you retire. However, even if retirement is a long way off, it’s essential to engage with your super once you enter the workforce to realise its future benefits.

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

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Life insurance

This is paid as a lump sum into your super account if you are diagnosed with a terminal illness or when you die. The balance of your super account is then payable to your beneficiaries

Total and permanent disablement (TPD)

This is paid as a lump sum into your super account if you can no longer work due to a total and permanent disability, and you are unlikely to engage in gainful employment for which you are reasonably qualified. If the trustee is satisfied you are permanently incapacitated, your super account balance can be accessed.

Income protection

This is paid as a regular payment and is a replacement income paid to you if you suffer an illness or injury which temporarily prevents you from working.

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Super Fundamentals

The importance of Super

Super is a long-term investment