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Mozo's team of money experts and journalists are here to guide you on the important super topics so that you can make your money count for more during your retirement. See all
Superannuation is a way of saving money for your retirement. When you work, a percentage of your earnings is set aside in a super fund account, which is only made accessible to you when you retire and reach your preservation age. This amount can grow over time, based on how much is contributed and how your chosen fund invests your money.
Superannuation is a long term investment, but it shouldn’t be thought of as a set and forget decision. The fees you pay, the investment returns, and asset allocation will determine how much super you will have at the time of retirement and the kind of retirement you’ll be able to financially enjoy. Engaging with your super at all stages of your life is important.
Superannuation is the way that most Australians save for their retirement. Employers are required to pay a percentage of your earnings (current minimum 11%) in your super account and your chosen superfund will invest this on your behalf until your retirement.
When you retire you will be able to withdraw the funds in your account to pay for your living expenses.
You can choose which type of superfund your money is held by and you will generally also get a choice between the investment options made with your money as most superfunds will have options for conservative, balanced or growth investments.
There are a range of super funds choices available to Australians including:
When it comes to selecting the investment options within your chosen fund you’re likely to have a few options. Which investment option is best for you will depend on a couple of factors such as:
Some of the most common types of pre-mixed options offered by super funds include:
The rate that employers contribute to superannuation is currently 11% and will increase to 11.5% in July 2024. This is known as the superannuation guarantee rate. The rate is scheduled to increase a further 0.5% in 2025, when it will reach 12%. That is last increase currently planned.
The amount of money that you can contribute to super from your before-tax income is set at $27,500.00 p.a. This is known as a concessional contribution.
For the 2024/25 financial year, the non-concessional contributions cap is $110,000.
For the majority of people, you will not be able to access your superannuation until you reach the preservation age and retire.
There are some instances in which you can access super early but you’ll need to meet strict criteria.
Some reasons for early access to super might be:
Read our in depth early access to super guide to learn more about the early access rules, limits and tax implications.