For a lot of Australians that pot of gold might seem a long way off but with some planning and some self interest and some good health you will live to see it!
So what are the facts about Super to be aware of?
- Current Australian law requires that your employer contribute 9.5% of your salary package into a super fund of your choice.
The first step is to make sure that you are receiving your correct super payments. If your super contributions aren't correct then speak to your employer.
- In most cases your super can go to the fund of your choice - not your employer's choice.
It's your money, not your bosses, and Australian law protects your right to invest it in the super fund of your choice.
- Super is an investment.
All funds are different, with different investment philosophies and different rates of return. You should keep track of your fund's returns and try not to be complacent. Compare their performance and fees with other funds.
- When can I get my super?
Basically you can access your super between 60 - 65+ depending on whether you are working not.