1. Who is entitled to superannuation?
Employees over 18 years of age earning more than $450 per month. Currently 9.5% per cent of your salary is contributed into your super fund by your employer.
2. Some employees miss out on superannuation due to different types of work
Employees, who work multiple part-time jobs and earn less than $450 per month in each job, might not get superannuation contributions.
4. Who manages your money?
Banks, insurance companies and industry funds typically manage a range of investment options, including government bonds, high and low risk securities.
5. Employees can nominate where their super goes
If employees don’t select a fund, the employer will make a choice. Being in an under-performing fund could see you lose a substantial amount of your retirement savings.
6. Making personal contributions can boost your fund
Diligent savers can get a bonus from the government.
7. The Super Co-contribution applies for low and middle income workers
Employees who earn less than $51-thousand dollars per year, and make extra super contributions, are eligible for a government co-contribution of $500 per year tax-free.
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8. Consolidating super accounts is another way to increase savings
Not having multiple funds saves on fees, reduces paperwork and makes it easier to track your super.
9. The age at which you can access your super can change
Currently it’s 57, but the mandatory retirement age is moving towards 70.
10. Australians born overseas can access their retirement savings in their original homelands
Applications can be made to access accumulated retirement savings if you decide to move back to your homeland.
