Save for Your Super and Enjoy the Good Life in the Future
Think you can benefit more if you spend the money that goes to you super
when you need it like you would your salary? You’d likely think of this if you
find yourself in financial constraints and your mind wanders to that fund
sitting somewhere out of your reach. But there are benefits when you save
for your super and take advantage of the Superannuation Guarantee (SG) as
this guide explains.
Superannuation Saving Tips – How to Save
Reasons to Love Your Super
- Money for your future and your retirement
- Contributions don’t entirely come from your pay
- Save more, enjoy more
The Australian Taxation Office puts it wisely — “Your super is your future.”
After all, you’re saving money for when you retire and are no longer able to
work and earn more. It’s an investment that you pay for during your
working life and there are good reasons to invest in it and more.
Saving up for your retirement
Setting aside money for your retirement is the wisest way to secure your
future. Unlike saving money in a bank, putting money in your super
prevents you from spending it when you feel like it. This means you will
always have funds for when you can no longer work and earn a regular
Half of the contributions come from your employer
The Superannuation Guarantee makes employer’s contributions to your
super mandatory. It specifies that your employer must pay an equivalent of
9.5% of your ordinary earnings at least quarterly. These payments can add
up to a significant amount, depending on your earnings.
Does this mean you can leave your employer to save up for super on your
behalf? If you want to live the good life when you retire, this should not be
Save to your super yourself
The more money you put into your super, along with your employer’s
contributions, the more money you will have in the future. Remember that
super funds earn as years go by so that adds financial security too. Why pass up the opportunity to make contributions yourself? You can save a lot
of money for the future without doing a lot of work.
Ask Tax back about Super Contributions
Let Tax back help you get a good understanding of your super and calculate
how much you need to contribute to reach a specific financial goal, given all
the factors involved, including fees, taxes, and inflation.
Apply for a Superannuation Refund
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Find out how to claim back superannuation from Australia