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Most people don't want to think about getting old or retiring until they really have to. But superannuation is your money and your investment, and there are many good reasons why it pays to take an interest sooner rather than later.
Superannuation is an investment for your retirement with significant advantages provided by the Government.
It is likely that your employer is contributing a percentage of your salary to your superannuation. This is known as the Superannuation Guarantee (SG), introduced by the Government in 1992 to ensure that most working Australians receive a minimum level of retirement savings. By 2002/2003, the SG from your employer will have increased to a minimum of 9% of your salary.
For many people, the value of the superannuation they accumulate over their working life could be more than the value of their home. It makes sense to ensure that you are on track to get the best possible payout at retirement.
But will this be enough?
That depends on how much money you want and need in retirement and the quality of lifestyle you want for yourself and your family.
Some people want to live their retirement in style, travelling the world, playing golf every other day, driving a new car, and eating out regularly. Others may be content with a basic lifestyle.
A general guide to the amount per annum that you will require to live on in retirement is 50% to 70% of your pre-retirement salary.
It's worth taking the time to calculate how much retirement income you want and how much you will need to have saved to achieve that income in retirement.
General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Consider our disclosure documents, which include Product Disclosure Statements (PDS) for some products. The PDS is relevant when deciding whether to acquire or hold a product. View our Australian Prudential Regulation Authority Registrable Superannuation Entity (RSE) Licence & Registration numbers.
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Investments in this product are not investments, deposits or other liabilities of Westpac Banking Corporation or member companies of the Westpac Group. The repayment of capital and investment performance are not guaranteed except as stated in the product's offer document. Investments are subject to investment and other risks, including possible delays in payment of withdrawal proceeds in some circumstances, and loss of income and principal invested.
This information is general in nature and is not intended to constitute a securities recommendation, financial or taxation advice. Before making any investment decisions, we recommend you consult a financial adviser and an independent taxation adviser to take into account your particular investment needs, objectives and financial circumstances.
The taxation position described is a general statement only and is based on the continuance of present tax laws and their interpretation. Your individual situation may differ and you should seek professional advice.
Westpac Financial Advisers are authorised representatives of Westpac Banking Corporation, a licensed securities dealer.
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