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:

·         Superannuation.

·         Savings.

·         Investments.

·         Pension.