Note: This article is updated regularly when new financial advisers join the independence club (latest update April 2019). A financial adviser does not have to be a member of the IFAAA to join the SuperGuide list, provided they can declare that they satisfy the requirements of being an independent adviser (we now have ... Read more
Super for Beginners
The Superannuation for Beginners section is a great starting point for anyone beginning their superannuation journey, or beginning their super education.
You can find the answers to questions that you may have been afraid to ask, or not known to ask.
Click on the key links directly below to access the following topics designed for Super for Beginners:
- How super works: A beginners guide to superannuation
- Super tips for beginners
- Age-based superannuation guide
- Super guide for women
- 8 steps to super success
- SMSFs for beginners
- Finding lost super
Below are some of our key Super for Beginners articles:
Set out below are all SuperGuide articles that relate to Super for Beginners.
Women and super: How to beat the odds
It’s no secret that women retire with less super on average than men, due to three strikes that hit women for six. Women earn less on average than men so receive lower compulsory employer contributions and they are more likely to take time out of the paid workforce to care for family. They also live longer than men, ... Read more
How super works: A beginners guide to superannuation
Simply put, superannuation (or super) is money you put in a super fund while you are working to provide income later in life when you retire. Given the average Australian can expect around 20 years of retirement, and the Age Pension is designed to provide only the most basic needs, the more you can save now the more ... Read more
Learn to love LISTO: Low income earners get their super tax refunded
It’s getting harder to pocket a tax refund these days, so when the Government is offering one for your super contributions, it’s worthwhile knowing just how you much you are likely to get. And best of all with the Low Income Superannuation Tax Offset – or LISTO for short – the tax man and your super fund do all the ... Read more
Looking good? New beauty parade for super funds with ‘best in show’ proposal
‘Best in show’ might sound like something awarded to a pampered pooch, but instead it’s a new idea creating some pretty big waves in the superannuation system. A key recommendation in the final Productivity Commission report, the idea of employees being given a ‘best in show’ list for the top 10 performing super ... Read more
Super’s next shake up? Productivity Commission gets tough
Australia’s current super system is “harming millions of members” through underperforming funds, multiple accounts and excessive fees. That’s the damning assessment of the Productivity Commission (PC) in a new report containing a number of contentious recommendations, which – if implemented – will see the super ... Read more
Retirement planning: Choosing the right super strategies for your age
A superannuation fund is an investment vehicle, rather than an investment. Many fund members, journalists and even investment analysts are confused about this distinction. For example, asking whether property or super is the better investment is the wrong question. The right question to ask, is whether the tax savings ... Read more
Superannuation rules: What applies at different ages?
Compulsory superannuation contributions (Superannuation Guarantee) and voluntary superannuation contributions are an integral part of the federal government’s retirement income policy, along with the taxpayer-funded Age Pension. As an incentive for Australians to stash money away for 30 to 40 years (rather than ... Read more
New authority (AFCA) for super complaints now open for business
Disputes about your superannuation and other finances are often stressful, but until recently, the complexity of the system has made the process even tougher. Working out which of the multiple external dispute resolution bodies was the right one to approach has long been a source of frustration for super fund members ... Read more
Super health check for beginners: 10 tips for your 2018/2019 retirement planning
Note: This article is current for the 2018/2019 financial year. SuperGuide regularly publishes an updated super checklist for beginner readers. More advanced checklists can be found elsewhere on the site. Use this list as a prompt for your 2018/2019 super resolutions. You may not keep all of your resolutions, ... Read more
Super Tip No 3: Turn $1000 into $1500 in three steps
We don’t normally suggest ‘easy money’ strategies. We’re often sceptical about the motives of the individuals suggesting such strategies, which means we don’t like being boxed in that same category. In this instance however, we are going to explain a government-backed strategy which means, if you’re eligible, you are ... Read more
Super Tip No 2: Love your super like your own
The easiest way to save your super is to treat your super like you would money in the bank – which it is, nearly, except that you can’t spend it yet. Key message: It’s your money You turn up for work and your employer must pay money into a super fund on your behalf – the equivalent of 9.5% of your wages or salary ... Read more
Super Tip No 4: Understand what happens to your super money
Apart from the return on your super investments, and the costs or fees your super fund charges against your super account, a healthy superannuation payout on retirement depends on the amount your employer (or you) contributes to your fund throughout your working life. Your super life starts when you join (or your ... Read more
Super Tip No 1: Treat your super like overtime
If the idea of superannuation doesn’t excite you, yet, imagine, instead of super, that you were being paid overtime for work outside your normal work hours. And if you expected to be accumulating this money every week, you’d be doing some research on how much overtime your company usually paid, what you needed to do ... Read more
Super for beginners: 8 steps to super success
Merely thinking about your super means you’re straddling the first major hurdle that most Australians face when planning (or not) for their retirement and looking into your future. As an employee, you have your employer helping you with your retirement plans by making compulsory super contributions (Superannuation ... Read more