Super basics

Superannuation (or super) is a way for saving for your retirement. To encourage you, the Government provides a range of tax incentives to help you along the way. The Government also provides tax savings to help you boost your super. 

While you’re working, your employer makes regular contributions to your super on your behalf. You can also choose to make extra contributions. This can be a tax effective way to increase your super balance.

Change investment options

You can choose how your super is invested to suit your goals and investment timeframes. If you don’t choose, your super will be invested in the MySuper (Balanced) Investment Option.

In most cases, you can’t access your super until you reach your preservation age, which depends on when you were born. There are however some situations where you can access your super early.

Who can contribute?

Super can be paid into your account by:

  • You
  • Your employer
  • Your spouse, and
  • The Government.

Over your working life, these payments or contributions add up to provide you with an income or lump sum payment when you retire.

How much?

Generally, your employer pays Superannuation Guarantee (SG) contributions on your behalf which must be paid at least quarterly. The SG rate is currently 9.5% of your salary and will increase over time. 

The amount of super needed in retirement can differ from person to person. It depends on your desired lifestyle, living expenses and if you have other assets or sources of income. For most Australians, the 9.5% employer contribution isn't enough.

If you’re concerned about how much super you’ll have in retirement, speak to our Financial Planners, who can help you make the most of your situation.

More information

To find what the changes to super mean for you, visit Super Guru for more information.