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The Basics of Super
Select the topic below that interests you:
| Topic |
Description |
| What is Super? |
Super in simple terms. |
| Why is Super Important? |
Why do we need Super? |
| The Basics of Investing |
Super is a long term savings vehicle, so understanding the basics of investing is important for maximising your benefit in retirement |
| Your Account Balance |
How to gain access to your account balance.
What does it look like today? |
| Have You Got Enough? |
Are you on track to meet your retirement plans and goals? |
| Next Steps |
Now that you understand the basics of super, you may want to consider the options available to make the most from your super. |
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What is Super?
In simple terms, superannuation is a long term savings arrangement that is designed to provide you with a source of income when you retire. In Australia, different types of superannuation plans have been operating for well over 100 years. In the past 15 to 20 years, however, superannuation has become prominent as a formal part of the Federal Government’s retirement income policy.
'Retirement income policy' refers to how a government deals with the question of who provides for people once they retire. At one extreme, governments may provide a comprehensive level of support for retired people. At the other extreme, retired people may be expected to look after themselves. Today, in Australia, the Federal Government’s retirement income policy lies in between these two extremes, and has 4 main elements:
- Compulsory superannuation - employers must contribute a minimum amount of superannuation on behalf of employees into an approved superannuation plan.
- Voluntary superannuation - employees are encouraged, through tax concessions, to supplement the compulsory superannuation contributions that employers make on their behalf.
- Government superannuation - the government will contribute up to $1,500 each year depending on the level of personal contributions and income.
- The age pension - a 'safety net', designed to provide a minimum standard of living in retirement.
See the Legislation pages in the Learning Centre section of this web site for more information on these topics.
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Why is Super Important?
Retirement is a time to look forward to, and ideally an opportunity to enjoy a range of activities and new experiences without having to worry about money. However, to lead a comfortable life in retirement requires substantial amounts of money to be saved during your working life.
Superannuation is a convenient way for you to save for your retirement over a long period of time. Your savings are invested by experienced investment managers and can grow quickly over time. Furthermore, the Federal Government taxes superannuation savings at lower rates than most other forms of savings. Understanding how your superannuation works and planning for your retirement is therefore extremely important.
You can find out more about retirement planning in the Wealth (Retirement) section of this web site.
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The Basics of Investing
Superannuation is a long term savings strategy so understanding the basics of investing is important.
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Your Account Balance
Before you can answer the question 'have you got enough?', you will need to know how much you have now. Catholic Super offers immediate online access to account balances.
If you have your Member Number and password you can check your account online through the Member Access facility.
You can find out more about Member Access in the Other Features page in the Fund Features section of this web site.
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Have You Got Enough?
Most people need 50%-75% of their pre-retirement income to support them in retirement. But because everyone’s needs are different, it is important that you establish your retirement goals to enjoy a happy and secure future.
The Wealth (Retirement) section of this web site has a range of information about retirement planning and tools that may help you work out whether you have enough for those retirement goals.
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Next Steps
Seek Financial Advice
When considering which strategy is right for you we strongly recommend you obtain independent financial advice before making a decision, to ensure you are fully aware of tax and other implications.
Remember, it’s important to talk to your financial planner before embarking on any investment strategy.
How Can Catholic Super Help?
CSF offers financial and retirement planning services to all members through its wholly owned subsidiary, CSF Financial Services Pty Limited (AFSL 298046). Our professionally trained staff are able to provide these services to all Catholic Super members.
You can find out more about CSF Financial Services Pty Limited in the Fund Features section of this website or you can contact us .
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