Superannuation on the Central Coast

Superannuation is a long-term savings system in Australia designed to help people build funds for retirement. Employers are required to contribute a percentage of an employee’s income into a nominated super fund, which is then invested across various assets such as shares, property, or cash. Individuals can also make personal contributions to grow their balance. Over time, superannuation earnings accumulate, and funds are generally accessible once you reach your preservation age or retire.

There’s no fixed amount of superannuation you should have, as it depends on your income, lifestyle, and when you plan to retire. However, the Association of Superannuation Funds of Australia (ASFA) provides general benchmarks for different ages and lifestyles. It’s useful to review your balance every few years and compare it to these benchmarks. If you find you’re behind your goals, consider voluntary contributions or reviewing your investment strategy to better align with your situation.

Yes, it’s possible to have multiple superannuation accounts, especially if you’ve changed jobs and not consolidated your funds. However, having more than one account can lead to paying extra fees and duplicate insurance costs. Consolidating your super into a single account makes it easier to track and manage. Before doing this, check for any insurance or benefits you may lose by closing an existing fund. Most super funds offer online tools to help you find and combine accounts easily.