Superannuation

Superannuation is an investment to provide the life that you want for your retirement.  Most people do not give thought to superannuation when they start work.  Nevertheless the do start superannuation because their employer makes compulsory contributions for them.  You can choose to top up the funds out of your own pocket.  Most should consider doing this.  The employer contributions will not be adequate to give you a comfortable amount to live on in retirement.

Your superannuation can grow to become a significant asset over your working life.  You benefit from saving regularly over many years; your superannuation fund makes the savings work for you by investing.  Your money is generally taxed more lightly within superannuation than in investments held outside of superannuation.  The earlier you make contribution the more you will have – compounding your earnings is a powerful way to grow your investment.

Your superannuation fund may also offer life insurance cover, disability insurance and in some cases income protection.

 

Choice of Superannuation Fund

While most people start out in the superannuation fund offered by their employer, they usually have the right to choose or switch to another fund.  There are a few exceptions to this, including government employees who contribute to some government superannuation funds.

If you have changed jobs, you may have funds in more than one superannuation fund.  It saves time and reduces costs to have your superannuation in as few accounts as possible.

If you have not kept old records or cannot remember where all your superannuation is you can go to the Australian Government ATO site Super Seeker to search for your lost superannuation.

Find Unclaimed Money