In 1992, the Keating Labor Government introduced the compulsory employer contribution scheme, a reform package designed to address the aging population and the anticipated increase in pension payments that would fall on future governments.
This compulsory employer contribution scheme is known as "Superannuation Guarantee", and the current rate for contributions is 9.5%, intending to rise to 12% by 2025. The scheme also allows individuals to add to their superannuation with further contributions, often encouraged by tax incentives.
My superannuation is the key savings component of my retirement planning, and, barring any pandemic market crash, I should enjoy a good standard of living through retirement. With the burden of retirement savings falling more to the individual, it is more crucial to start planning for your retirement as early as possible. The size of your retirement nest egg can dictate whether you have a comfortable retirement or one of struggling from pension cheque to pension cheque.
Workers who move from job to job must make sure their superannuation is consolidated into a single fund. Many young people don't concern themselves enough with the superannuation they receive in the younger work years and find that by the time they are getting closer to retirement, they have multiple funds that have been whittled away by administration fees. You need to stay on top of your superannuation fund throughout your working life and ensure that you have a fund that gives you the best returns.
This compulsory employer contribution scheme is known as "Superannuation Guarantee", and the current rate for contributions is 9.5%, intending to rise to 12% by 2025. The scheme also allows individuals to add to their superannuation with further contributions, often encouraged by tax incentives.
My superannuation is the key savings component of my retirement planning, and, barring any pandemic market crash, I should enjoy a good standard of living through retirement. With the burden of retirement savings falling more to the individual, it is more crucial to start planning for your retirement as early as possible. The size of your retirement nest egg can dictate whether you have a comfortable retirement or one of struggling from pension cheque to pension cheque.
Workers who move from job to job must make sure their superannuation is consolidated into a single fund. Many young people don't concern themselves enough with the superannuation they receive in the younger work years and find that by the time they are getting closer to retirement, they have multiple funds that have been whittled away by administration fees. You need to stay on top of your superannuation fund throughout your working life and ensure that you have a fund that gives you the best returns.