What is Superannuation?
Superannuation, or super as most of us know it, is a good long-term savings plan, which will provide you with an income when you retire and also by providing benefits to beneficiaries on death or the member on disablement. For many Australians, super will be their main form of retirement income.
During your working life you make contributions to your super fund and the earnings you receive are reinvested, building up the value over time. Generally, your superannuation benefits must remain in super until you satisfy a condition of release such as reaching age 65 or your preservation age and you have permanently retired or when you begin your transition to retirement, both after a set minimum age.
If you would like to know more about super speak to your financial adviser