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Superannuation Basics for Beginners

When you were in your younger years, you may not have thought about your quality of life when you were ready to retire. And really, most young people don’t, as retirement seems to be too far away to worry about. But before you know it, the time to retire is nigh, and it’s time to think about how you will live.

For the retiree who wants to ensure comfort, several options exist for those wanting to have freedom to go places and maintain the lifestyle they are accustomed to. The super is one way to do this. The government does recommend that people start saving their own money for retirement, however, as the ratio of working individuals per retiree is expected to dramatically decrease in just a few years’ time.

What Is Superannuation?

Superannuation allows you to save for retirement as you work and reap the tax benefits that could boost your retirement savings. Anyone who is working has an employer who is legally obligated to make regular super contributions. As well, most employed people make their own voluntary contributions to their super. Doing this allows for even better retirement planning.

In the employer scenario, the super contribution an employer makes is put together with the contributions made by the employer. The funds are then invested in a number of investments, including cash, property and various equity funds. The choices for investment will depend on the preferences you choose.

How Does A Super Benefit Your Retirement?

A super benefits retirement in many ways. Not only does it provide you with a tax-effective means to save for your retirement and cultivate peace of mind, but it also helps you with your long-term savings goals. In addition, the super can make you eligible for insurance from the provider who offers the super.

Growing Your Super

Growing your super is crucial in order to secure a comfortable retirement. To this end, getting superannuation advice from a professional may help you to reach this goal. Starting early is probably the best first step. Early contributions will generate compound returns.


A super can also be consolidated, which will result in fewer fees, as well as less paperwork to have to complete. In addition, consolidation can make it easier to manage your super. Consolidation can also mean that your super works harder for you due to a better investment strategy. Consolidating your super into one account can mean that devising a strategy that meets your needs is easier than it would be if you had more than one account.

Although the information surrounding the superannuation can be confusing, there is no need to worry about your retirement when you have sought professional superannuation advice. Discover how to get the most from your super by either downloading our free eBook, or by contacting us to enquire about how we can help you.

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