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Will I need super?The compulsory superannuation system started in 1992, so some people who are currently retired may not have superannuation. But now superannuation is compulsory, most of you will have superannuation when you retire.If you don’t, or your super balance is small, you may be eligible for the Age Pension, or a part pension.How much super will I need?How comfortably you live in retirement will depend on:how long you livewhat type of…

There are several ways you can boost your super. A tax-effective way is through salary sacrificing, or by extending your retirement age. Find out these measures will affect you in the short and long term.Part 1: Contributing to superThere are 2 tax-effective ways to boost your superSalary sacrifice – Your employer pays a portion of your before-tax income into your super fund.Personal super contributions – making your own contributions to your…

Part 1: Factors that impact retirement outcomes Use the moneysmart retirement planner to project the retirement incomes of the following people. Age when they began work Salary Retirement age Projected retirement income Projected retirement income if they salary sacrifice 7% to their super 18 $80,000 67 24 $80,000 67…

Linked activity: Choosing a super fund

Let’s apply your learning about superannuation to future you! Imagine you didn’t nominate your own super fund and your employer chose it for you. Your employer’s default super fund is OneSuper. Part 1: Choose a super fund Go to the ATO website’s superannuation comparison tool. Use the tool to complete the missing information in table 1 (you need to choose a fund that interests you as well). Name of fund…

Explore the performance of superannuation over time and how the investment option you choose may be affected by your life stage. Part 1: Interpreting superannuation data What conclusions can you draw about the performance of superannuation over time? How many times in the past 20 years have returns on investment been: Positive Negative? What year saw the lowest (or highest negative) return? What year saw the next…

When it comes to choosing a super investment option, your future could depend on the decisions you make now – so take a little time to make sure you’ve made the right choices by weighing up the options around investment strategies, timeframe, asset-mix, risk-return and volatility.    Image: Annotated line graph showing the difference between conservative, balanced and growth investments in relation to risk, volatility and return on…

What is the Age Pension? The Age Pension is designed to support the basic living standards of older Australians. It is paid by the government to people who meet age and residency requirements. It is targeted through the means test to those who need it most. Pension rates are indexed to ensure they keep pace with Australian price and wage increases. The Age Pension is designed to provide a ‘safety net’ for people who do not have enough…