Help me grow my Super

Retirement savings.

In Australia it’s referred to as Superannuation. In the US it’s known as a 401k fund.  The purpose of both is to provide a retirement benefit for employees in the form of a passive income and to reduce the reliance on a government pension.

In Australia, it is mandatory for employers to contribute 9% of employee earnings into a nominated superannuation fund. Employees have a choice of funds to use, meaning they can nominate their employer fund or a fund of their own choice.

Employees can also nominate their own Self Managed Superannuation Fund which is a personal fund run by the member and approved by the Australian Taxation Office.

With the right investment strategy, every employee has the opportunity to build a substantial fund for retirement. Read the rest of this entry »