In Australia, retirement income is funded through a mix of personal savings, a government pension and superannuation (super). The Government has a reduced tax system that encourages Australians to at least partly fund their retirement incomes and so reduce the future tax burden on working taxpayers.
Super is made up of employer contributions, your own personal contributions and sometimes additional Government contributions. Money deposited into your super fund is invested by the fund’s trustee, who aims to grow your account balance while you are still working.
The complexity of the superannuation industry often undermines people’s confidence in Australia’s most efficient retirement savings strategies.
General advice warning – This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.