Super is a way of saving for retirement. Your employer must pay a percentage of your earnings into your super account, and your super fund invests the money until you retire.
There are lots of different super funds out there, and different types of accounts. Find out how to compare super funds, find your lost super, and consolidate funds into one.
Look after your super
Your super is your money. Look after it by:
choosing an account with lower fees
comparing your fund’s performance with others
combining accounts if you have more than one
checking your insurance before you change funds
knowing what’s involved before deciding whether to choose an SMSF
being wary of anyone offering to withdraw your super early
Watch: What is super?
If you would like to learn more about looking after your super, call us on (08) 8362 4555 today.
Reproduced with the permission of ASIC’s MoneySmart Team. This article was originally published at https://moneysmart.gov.au/how-super-works
Important note: This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person. Past performance is not a reliable guide to future returns.
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