Superannuation Fund: A Comprehensive Guide on How To Manage Your Retirement Savings
Most of us don't think about our retirement at the beginning of our careers, but the truth is that we must start thinking about it as soon as we can. A superannuation fund is a significant investment in retirement. If you don't manage it well, it can reduce your chances of living a comfortable retirement. This blog will give you a comprehensive guide on managing your superannuation fund . Superannuation (or "super") is Australia's compulsory work-related savings scheme. Employers must add 9.5% of an employee's income into a super fund. Employees are also allowed to make spontaneous contributions to their super fund. Superannuation is a critical way to save for retirement, as it will enable you to access your savings tax-free once you reach retirement age. Types of Superannuation Funds: There are three types of superannuation funds: industry funds, retail funds, and self-managed superannuation funds (SMSFs). For-profit companies, while the fund members r