Understanding Super

Understanding Super

Superannuation is one of the best ways to save for retirement given that at the moment your employer must pay 9.5% (This will increase to 12% in the coming years) of your salary into your super fund. This could end up being a significant sum given that most of our lives are spent working. There also tax advantages and incentives from the government that make super one of the best ways to build funds for retirement. 

With this in mind here are a few tips to make the most of super.

  1. Get to know your super. Find out what fund you are in, what the fees are, what you are invested in and if there are any insurance cover in it. Familiarising yourself with what you have will allow you figure out if it is working for you.
  2. Make sure you are happy with the investments. This can be that the level of risk is suitable for you and your investment time frame and objectives.
  3. Contribute when possible. The earlier you start contributing to super the better off you will be in the long run. You can take advantage of the tax benefits contributing before tax income or make contributions to your spouse’s super and you may be eligible for a tax offset. If you earn less than $37,000 the government may add $500 if you make contributions.
  4. Consolidate multiple accounts. If you have more than one super account consolidating them to one could save a lot in fees and insurance premiums. If you are not sure if you have extra super accounts then you can search for lost super through the myGov website.
  5. Seek advice. You may think that super is simple and you know everything about it, but it can be complex and is always changing. A financial adviser can help you understand what you have and make recommendations to help improve your funds available for retirement.


The information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial planner.

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