Personal superannuation (often simply known as super) is money that’s put aside and saved while you’re working, so you can enjoy a regular income later in life when you retire. These days, the average Australian may expect around 20 years of retirement. By investing money in a superannuation fund, you’re building a nest egg to live on when you’re no longer earning a wage. And the more you put away now, the more you’ll be able to spend in your retirement.
If you work for a company or organisation, generally* your employer must pay money into a super account in your name, which is then managed by a super fund. Currently your employer must contribute 11% of your income, including bonuses, commissions and loadings. This is called the super guarantee and it's the law.
You can also add extra money to your super account, so you’ll have even more to live off when you retire.
If you’re self-employed you can choose how much of your income you set aside for superannuation.
Over the course of your working life, the contributions made and invested by your super fund add up with the aim of growing them even further.
To help ensure your superannuation savings are there for you in retirement, the government places restrictions on when and how you can access your super.
Generally you need to wait until you retire. Thinking of early retirement? See when you can access your super here:
Remember you need to be at least 60 for your super to be tax free.
Once you’ve retired you can then:
*Certain criteria must be met before super is paid. For more info go to: compulsory-super.
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