Super

What is superannuation?

So what is superannuation? And how does it work?

Think of superannuation like a savings plan for your future.

Superannuation is a long-term investment. So right through your working life, your employers will be making regular payments, called 'contributions', to your super account. These payments are made on top of your regular income.

Over the years, your super fund will invest your savings with the goal of earning interest on your balance.

Compound interest, where the interest you earn goes on to earn interest of its own, can help your balance grow larger over time—getting you set for an even greater future.

When the time comes for you to retire, your savings, and any interest they've earned over the years, are ready and waiting for you to live your best life.

But just because you won't be withdrawing your super until later doesn't mean you can't get involved with things now.

Depending on your goals, you might like to add some extra cash to your super to help you get a head start on your future savings. In some cases, there may be tax benefits for making extra contributions.

You also have a say in how your money is invested over the years. Most super funds will have a range of investment options for you to choose from.

Some options will be more conservative and less volatile, potentially offering lower rates of interest.

Some will be higher risk and more volatile, potentially offering higher returns on your money.

How you invest your super is up to you. Take a look at what's on offer with your fund and make a choice. After all, it's your money.

If you need some help deciding on what's right for you, UniSuper has different levels of financial advice available.

Super consultants can help you with general information, answering questions about your account and the options available to you. This service is available to anyone, at no extra cost, even if you're not a UniSuper member.

We also offer paid advice options which help you dig deeper into your goals and set out a more comprehensive financial plan for your future.

And there you have it. That's superannuation. Drop by unisuper.com.au/super to learn more.

The information contained in this video is of a general nature and doesn't consider your personal circumstances. Before making decisions, consider the relevant PDS and TMD on our website and your circumstances, and whether to seek financial advice. Investment returns can be positive or negative. Past performance isn’t indicative of future performance. UniSuper Advice is operated by UniSuper Management Pty Ltd ABN 91 006 961 799 (USM), which is licensed to provide financial product advice. USM is also the administrator of the fund UniSuper ABN 91 385 943 850 (UniSuper). UniSuper Limited ABN 54 006 027 121 is the trustee of UniSuper.