What is Superannuation?
Super is a way to save for retirement. Employers pay a percentage of your income into your superannuation account, and this money is invested by your super fund. When you retire, you can access the funds to provide you with an income.
You can’t access the money in your superannuation fund until you retire, but it’s still yours. You should take an interest in it, and seek to make good decisions with it. You can do this by:
– choosing a fund with low fees
– making sure your super fund is performing well (eg checking the investment returns)
– If you have multiple super funds, you should consider combining them into a single fund
– check for any insurance before you switch funds
What are some resources to help me manage it?
SuperGuide: Super for Beginners. The history of superannuation, contributions, growing your super through investment returns, accessing super, death benefits.
MoneySmart: How to compare and choose a superannuation fund. Most people can choose which super fund they’d like their super contributions paid into. You can go with your employer’s fund or choose your own. To find out if you can choose your super fund, check with your employer. Your employer will give you a ‘standard choice form’ when you start a new job. This sets out your options.
ATO: Superannuation Basics. A guide to what super is, how to save super, and what you can do to increase your super.