What is super guarantee?

The super guarantee is the minimum percentage of your annual earnings that your employer is required to contribute to your super fund. Currently set at 11.50%, this percentage ensures that a portion of your income is set aside for your retirement savings. It's important to note that this figure will gradually increase over the next few years until it reaches 12% in 2025, providing even more financial security for your retirement. Your employer is responsible for managing these superannuation contributions on your behalf, paying them into your chosen fund each quarter. The super guarantee is a valuable part of your financial future, helping you build a nest egg for your retirement years.

What should I know about tax before starting work?

All working Australians are required to lodge a tax return with the Australian Tax Office (ATO) each year. Read the guide on how to lodge your tax , plus more resources to help you complete your tax return.

When can you access your super?

For under 18s, when you hit 60. You can generally access your super when you reach your "preservation age" and retire, or when you meet other specific conditions. The preservation age depends on when you were born: - Before July 1, 1960: 55 years old - July 1, 1960 – June 30, 1961: 56 years old - July 1, 1961 – June 30, 1962: 57 years old - July 1, 1962 – June 30, 1963: 58 years old - July 1, 1963 – June 30, 1964: 59 years old - After June 30, 1964: 60 years old You can also access your super if you reach age 65, regardless of whether you are still working. Additionally, there are other conditions under which you might be able to access your super earlier , such as severe financial hardship or certain medical conditions.

How can I grow my super fund balance?

To grow your superannuation (super) fund balance, young individuals can take several steps. Regular contributions, whether through employer contributions, personal contributions, or salary sacrifice, provide a solid foundation. Exploring government co-contributions and consolidating multiple super funds to reduce fees are also smart moves. Reviewing and adjusting investment options for growth, minimising fees, and ensuring appropriate insurance coverage are key factors. Additionally, maximising employer contributions, making extra contributions when possible, and periodic reviews of fund performance keep the super balance on track. Planning for the long term and seeking professional advice when needed are crucial for securing a robust super fund balance for retirement.

How can you make the most out of your bank account?

To make the most of your bank account , especially as you embark on your career and save for goals like travel, a car, or trips, it's essential to select the right account that aligns with these objectives. Budgeting, automating savings, and leveraging technology are key strategies for effective financial management. Choosing accounts with low fees, competitive interest rates, and travel-related benefits can further enhance the banking experience. Building an emergency fund and managing credit card balances responsibly are also vital steps. Regularly reviewing account options and switching if needed ensures that your bank account is a valuable tool in achieving your financial aspirations. Ryan is the founder and CEO at Tribeca Financial, a financial advice firm that listens, learns and then gets you on track. He's an accomplished financial advisor and financial wellbeing coach with over 15 years of experience

Super Funds Archives

Q: What is Superannuation?

Superannuation, often referred to as "super," is a mandatory savings plan for Australian workers. It serves as a financial safety net for retirement, even though retirement might seem like a distant future for young people just starting their careers. Your superannuation is a fund where a portion of your earnings is saved for your retirement, and it's managed on your behalf. In essence, it's a way to ensure that you have financial security and peace of mind when you eventually retire. As a matter of fact, according to Finder data , almost 7 in 10 Australians have a super fund. This shows the importance of having an allotted super fund.