If you’re like most Australians, superannuation will be one of the most important investments you’ll ever have – along with a home and an ability to earn an income.
Not only is it likely to be one of the biggest investments you’ll have by dollar value, it will also be what you depend on when you no longer work for an income. Increasing life expectancies mean the superannuation of many Australians will have to last them for a retirement of 20 or 30 years. How much you have in superannuation will influence your standard of living in retirement. So taking an early interest in your super can really pay off.
You might think of superannuation as a compulsory way the Government makes people save for their retirement years. It is, but it is also a lot more than this. So don’t let the jargon surrounding superannuation and the seemingly complex rules put you off.
Decisions about which super fund and what type of investments you put your money in can make a big difference to how much you have in retirement.