Superannuation (Super)
Understanding retirement savings and why super matters for your future
Superannuation (or 'super') is money that your employer pays into a special retirement savings account for you. This money is invested and grows over time. You can access it when you retire (usually around age 60-67). Super is separate from your wages - it's paid ON TOP of your salary.
💡 Important:
Super is NOT deducted from your pay. If you earn $800, you receive the full $800 PLUS your employer contributes an additional amount to your super account.
12%
of your ordinary earnings
Employers must pay 12% of your ordinary earnings into your super account. This is called the Superannuation Guarantee (SG).
📊 Example:
If you earn $800 in a week, your employer must pay an additional $96 (12% of $800) into your super account. You receive the full $800 in your pay, plus the $96 goes into super.
| Age | Hours Requirement | Super Required? |
|---|---|---|
| Under 18 | 30 hours or less per week | ✗ No |
| Under 18 | More than 30 hours per week | ✓ Yes |
| 18 or over | Any hours | ✓ Yes |
Even though retirement seems far away, super is important because of compound interest. The earlier you start saving, the more your money grows. Money saved in your teens can be worth much more by retirement because it has decades to grow through investment returns.
Starting at 18
$500,000+
Potential super balance at retirement
Starting at 30
$300,000+
Potential super balance at retirement
*Estimates based on average earnings and investment returns. Starting early makes a huge difference!
- Super is paid BY your employer, not deducted from your wages
- You can't access super until you retire (except in special circumstances)
- Your super is invested and grows over time through compound interest
- You can choose which super fund your employer pays into
- Check your super balance regularly through myGov
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