Your superannuation is your future!

Why have superannuation? The superannuation choices you make today will help shape your lifestyle in retirement. We can help you get your superannuation sorted now, so you maximise your superannuation savings for when you retire. So let’s get into the benefits of a superannuation.

1. What is superannuation?

Super, or superannuation, is important because the more you save, the more money you will have in retirement.

Super is a long-term investment which grows over time.For most people, your super begins when you start work and your employer starts paying a percentage of your salary into a super fund account for you.

Your super fund invests and manages this money for you until you retire. 


2. Why you need to manage your super?

The earlier you learn about what you are entitled to, what your employer needs to pay, and limits that apply, the better off you will be when you retire. Adding a little extra will help your super grow over your whole working life. 


3. What you may need to do?

At different times in your life there are important decisions you can make that will greatly impact your retirement savings. From choosing the right investments and increasing the amount you put away, these are a couple of decisions you can make to help maximise your superannuation.


4. Starting your first job

For most people, your first job is where your super will begin, and you will need to make some decisions to get your super started.

Most people can choose the fund their superannuation goes into. You may ask why have a Superannuation? Especially when it’s your first job. Due to compounding interest, the more early you start, the better it is. 


5. Changing jobs

When you change jobs, if eligible, you will again be given the option to choose your own super fund. This is a good time to review your current super fund along with your investments.


6. Keeping track of your superannuation

You may be at a point where you are happy with your current super fund and feel that there is no further action for you to take. However, there are occasions where there may be super being held for you that you don’t know about, for example, if it has been lost or forgotten about.

You can log in to ATO online services through myGov to keep track of your superannuation. You can see the superannuation accounts held for you, and whether we are holding any super for you. You can also consolidate these into your preferred super account. Keeping track of your super will help you maximise the amount available to you when you retire.

You should also regularly check:

    • Your payslips and super fund statements – make sure your employer is paying the right amount of super for you
    • Your super statement – track your super and see how much you are paying in fees and charges
    • For options to add more money to your super and any limits that apply


7. Adding to your super

Making extra contributions is a great way to boost your retirement savings. It could also help you reduce your tax. You may have different options depending on your age, how much you want to put in and your super balance.

Some of the main ways you can personally make extra contributions include:

    • Arranging with your employer to make salary sacrifice contributions. This may also reduce your overall taxable income
    • Making personal super contributions
    • Making a downsizing contribution into super if you are selling your home and are 65 years or older

Before you make decisions about your super, you need to understand what’s best for you. This will depend on your income and personal circumstances. It’s important to consider any consequences of making super contributions as too much super can mean extra tax.


7. Accessing your super early

You can generally only withdraw your super when you reach retirement. It’s illegal to access super early without meeting a condition of release. Fees and penalties will apply for doing so.

Be cautious of promoters and scammers who claim to offer early access to super and may ask for your personal information.


7. Retiring

The most common reason to why have superannuation. Reaching retirement age is a huge milestone. After years of contributing, this is the time where you can finally begin to access your hard-earned superannuation. This is the main benefit of a superannuation.

There are rules around withdrawing and using your superannuation. Severe penalties and fees apply for accessing it illegally. It’s important you are confident you meet the requirements before you access your super.

At this point you should also consider how tax will apply to your super benefits. This will depend on a number of different factors, such as your age and whether your superannuation comes from a taxed or untaxed source. In retirement you may also think about downsizing your home and choosing to contribute some of the proceeds from the sale to your super.


There are many rules & regulations to follow through your superannuation journey. Speak to us today to assist you no matter what stage of life you are at.