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 employer joins on your behalf) a superannuation fund.
When you understand the basics, you can forge a strong financial future for yourself through superannuation. A weekly, monthly or quarterly contribution to a super fund can provide you with multiple investment choices and tax breaks, and insurance protection if you become disabled before you retire. You can considerably boost your final superannuation benefit by making your own contributions to your fund. You may also have the flexibility to structure your contributions in a way to reduce the amount of income tax that you pay.
For more super tips for beginners, see the following SuperGuide articles:
- Super Tip No 1: Treat your super like overtime
- Super Tip No 2: Love your super like your own
- Super Tip No 3: Turn $1000 into $1500 in three steps
For more information on the super basics, see the following SuperGuide articles: