What is a superannuation fund?
Your superannuation fund is like the piggy bank you had as a kid – somewhere you put money until one day you opened it and found a treasure trove. The difference with super is that you can’t open it until you retire.
With superannuation, you can:
· Grow your savings for your retirement.
· Receive regular contributions from your employer(s).
· Make voluntary contributions.
· Receive certain tax benefits on voluntary contributions.
· Have more than one account.
To support a comfortable lifestyle, a couple will need a minimum lump sum of $640,000 (or $545,000 for a single person) at retirement. This can include a combination of your: