What is superannuation? How does super work?

Описание: What is super and how does it work? Who can have super? How can you start a super fund?
What happens to your money once it is contributed?

Wait till the end when I tell you: When can you access super?

My name is Katherine from About Retirement and my work is all about money and preparation for the best retirement we can have from the perspective of your income, asset longevity, tax, Age Pension and reduction of investment risk & market volatility

What is super and how does it work?
Superannuation, or super, is a form of savings for your retirement with money being contributed by your employer or you personally if you choose to do so over your working life, so you can enjoy retirement income once you finish working.

Who can have super?
All Australian over age of 18 that are employed with income greater than $450.00 per month, will automatically receive employer contributions to their super fund. This is called Superannuation Guarantee (or SG) and employers are legally bound to contrite 9.5% of your gross income – including bonuses, commissions and loadings.
If you are below 18, you might be still eligible for super contributions if you earn more than 450.00 per month and work at least 30 hours a week.
Since 2013/14 financial year, people over age of 70 who are still employed, are also eligible for the SG.
The rate of employer contributions are supposed to be increasing by 0.5% a year from July 2021 until it reaches 12% in 2025/26, but due to Covid outbreak and many businesses suffering financially, the Australian government is considering postponing the increase of SG.

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