Learn how super works
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Superannuation fast facts
It's for the long term
You will generally have to wait until you're 60 to access your super. After all, it is designed for your retirement.
Your employer has to pay it
If you earn more than $450 per month with one employer, they have to pay 9.5% of your wage into your super account.
In some cases you can access super early. But that's only if you have a good reason like financial hardship, compassionate grounds or medical illness.
Where does your money go?
Your money is handed to a superannuation fund to invest it on your behalf. Their job is to do what’s best for you to build up your money for your retirement. Below are the four areas that a super fund may invest your money.
Putting it into a term deposit with the bank that pays interest.
Buying bonds from governments or big companies around the world.
This usually means big property like shopping centres, offices in the city, or hotels.
Buy ownership in big companies like banks through the stock exchange.