We need to talk about retirement
How you get to spend your retirement is up to you, but if you want control (and quality of life) then you need to know about superannuation right now
Superannuation
Super is like a big, compulsory, long-term savings plan, to fund your lifestyle in retirement
Although the government provides a pension to retirees it’s not usually much, and if you’re planning on spending time cruising the world or caravanning around Australia (or any of the other things retirees do), then you’ll need to put money away while you are working.
Thankfully, the government has made it compulsory for all employers to contribute to their employees super funds. And it’s tax effective, so you’ll pay less tax than you would if you were just saving your normal pay.
In most super funds, your money is put together with lots of money from other people, then invested in a lot of different places, such as shares, property, bonds. The places where your money is invested vary depending on your fund, and while some funds are particular about choosing ethical or environmentally sound investments, others invest in just about anything that will make money.
superannuation
It's your money
Make the right choice now and be thousands (or hundreds of thousands) of dollars better off. There’s some great advice about choosing a Super Fund at ASIC’s MoneySmart Website, and you can also compare super funds at CANSTAR. There’s also a fund that’s set up for just students – Student Super.
What should you look for:
- Low fees
- Choice of investment options
- Good past performance
- Add-on life or income protection insurance
