WHAT IS
SUPERANNUATION AND HOW TO GET IT?
What is superannuation? Personal superannuation 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. This is basically your saving for future life. No one knows what’s going to be in future. So we should start saving from the beginning of your career as super amount. 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. Superannuation is a tax effective way to save for your retirement. It's similar to a managed fund where your money is pooled with other members' money and invested on your behalf by professional investment managers. Generally you will not be able to access this money until you retire. Your employer will make contributions to your super fund and you can top it up with your own money. The government may also make contributions if you are a low income earner.
How does it work? If you work for any company, your employer must pay money into a super account in your name, which is then managed by a super fund. The formula used is currently 9.5% of your income, including bonuses, commissions and loadings. For more info you can visit moneysmart.gov.au. You can also add extra money to your super account, so you’ll have even more to live off when you retire as per your choice. If you’re business owner you choose how much of your income you set aside for superannuation and the saving depends on your choice. 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.
When can I access my super? Generally you need to wait until you retire. Thinking of early retirement? See when you can access your super. Here are you can access your super. It’s simple as once you’ve retired you can then: 1. Have a regular super income stream to make your retirement more comfortable 2. Take out a lump sum after your retirement 3. Combine a regular income stream with the Government Pension after the retirement You can enjoy your super amount and live the worry free life after the retirement.
How do I apply for super? While most employers have a default fund, you can generally ask your employer to pay your super into a fund of your choice. If you need you can contact us on
1300 090 261.
Superannuation calculators Get all Super & retirement calculators by clicking above link.
Robert Rushford
Want to know more? Release My Super. ABN 86 538 848 780
Kindred Studios Level 1/3 Harris Street Yarraville 3013 Telephone : 1300 090 261 Email : help@releasemysuper.com.au