Superannuation is still one of the most tax effective ways to save for your retirement. The government offers these tax savings to encourage you to build your super assets.
It is important to understand how much super you’ll need and how to best manage the money for your retirement.
Through super you can hold a wide range of investments such as shares, property and cash.
Employers must pay super contributions on behalf of their employees. You can also choose to add money into super out of your own pocket.
When can you access your super?
Generally, you can only access your super when you permanently retire from the workforce and also reach a minimum age set by law, called your ‘preservation age’.
Other conditions of release may also apply, for example reaching age 65.