Young adults open their first super account with a sense of excitement. It’s a rite of passage, one that signals their entry into the workforce and their place in the world. It is also the start of a wealth-creating journey that no one regrets doing well.
Saving, or investing, in your super is a highly tax-effective way of building wealth. But to take advantage of it you need to understand how its rules apply. Once you do, you can adopt strategies that may benefit and reward you at different stages of your life.
Everyone’s circumstances are different, which means that a strategy that is appropriate for one person may not be beneficial for another. You can always get help from your super fund or, where the stakes are high, a qualified financial planner.
Here are several strategies worth considering - for those aged 20s to 60s and beyond - that will motivate you to learn more about your super and give it the attention it deserves.
20s and 30s
THE EARLY YEARS
TIME IS ON YOUR SIDE, SO MAKE THE MOST OF IT
Starting on July 1 this year, employers are obliged to pay their employees, including casual and part-time workers, the 10.5% super guarantee (SG) on every dollar they earn. Previously, workers missed out because you had to earn more than $450 a
