If you are an employee in Australia, your employer should be paying a proportion of your wages into a superannuation fund. It may seem like another tax for you but it is not. So what is the purpose of super, and how does it benefit you?
Superannuation is a long-term savings plan designed to provide an income after retirement from paid work. Although retirement may seem like a long way off when you are young when the life expectancy in Australia is 82 years, according to the Australian Institute of Health and Welfare. So, you need to save money for 15 to 20 years of retirement living if you expect an enjoyable lifestyle.........
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