Super can seem complicated - but we’re all for
keeping things simple
So if you’re new to super, or if you’re just curious to know what it’s all about (while having to read as little as possible),
here’s a brief and simple rundown of how super works.
Getting started with superOnce you're working, your employer is generally required to set aside a set percentage of your salary as super - this is called the Superannuation Guarantee (SG). Currently the required amount employers contribute is 9.5%, but some employers pay more. The money is entrusted to a super fund to invest on your behalf (many funds give you several investment options to choose from).
Growing your superAs you earn money, the SG component of your salary that your employer pays on your behalf helps to build your super savings. You can make extra contributions of your own along the way. Any positive investment earnings also help build your savings over time (whereas negative investment earnings reduce your savings).
Super fees and costsSuper funds deduct fees and costs from your account. Tax may be deducted from your contributions (whether tax applies, and how much, depends on the type of contribution). If you have insurance through your super, premiums are generally deducted from your account.
Using your superYou can access your super savings once you reach your ‘preservation age' (this is set by the government, and it depends on when you were born or whether you have met an early release condition). You can withdraw some or all of your super in different ways, including as a lump sum, or in regular amounts throughout your retirement.
What you can do today to help your super go the distance. There are simple steps you can take to get your super in order to feel in control of your future.
Don't sit there wondering - our team members are here to help!