What's super?

What is super?

Your super is your future, so take the time to learn about it.

Your super is your retirement fund, or the money you can access in your retirement (and in some cases, before) to afford your lifestyle once you stop working.

Your employer pays a percentage of your earnings into your super fund. Currently, it’s 10% of your superannuation salary.1

The money in your super fund is invested into different assets depending on which investment option you are in. These are assets like Australian shares, international shares, bonds and cash. For many people, their super is the biggest investment they’ll ever make.

This means you benefit from positive investment returns – but can also suffer losses – while you have an active super account.

Growing your super

Your super is your future. While you are working, you will receive continuous contributions from your employer, but there are extra ways you can grow your super. You can make after-tax contributions, before-tax contributions, and you can consolidate your super into one fund if you find you have multiple.
Find out how to grow your super here

Have a say in how your super is invested

When you join a super fund, you’re automatically invested into that super fund’s default option. At Super SA, you’ll be invested in the default Balanced Option. Around 90% of our members are in this option.

However, there are seven different pre-mixed investment options for you to choose from. The Balanced Option may not be right for you, so take a moment to consider your financial goals and your risk profile before you make a decision on your investment choice.

If you’re unsure about what your risk appetite may be, you can take our What Type of Investor Am I? quiz, which will give you a report on your risk profile that you can download and save for future reference.

Find out more about choosing the right investment option here.

Staying on top of your super

While you don’t need to check on your super every single day – and in fact, you shouldn’t – it’s a good idea to check it every now and then to ensure you’re on track to hitting your retirement goals. You can do this via the Member Portal.

Within the portal, you’ll be able to see your recent contributions, your total amount, your investment choice and your insurance.

If you’re unsure whether your current super balance puts you on track for retirement, you can use the Association of Superannuation Funds Australia’s Super Guru Retirement Tracker to check.

If you find out that you’re off base, you can consider steps you may need to take to reach your retirement goals, like making extra contributions.

Your super is unique to you

Before you make any decisions about your super, we encourage all our members to seek financial advice. If you don’t have your own financial planner, you can take advantage of the service available to Super SA members via Industry Fund Services.

 

Contact Super SA for more information on 1300 369 315, or email us at supersa@sa.gov.au.

1 Your superannuation salary is based on the monetary and non-monetary components of your Total Employment Cost (TEC) contract. It is based on the maximum amount of the TEC that can be taken as a monetary entitlement before any salary sacrifice.

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