Introduction
Superannuation is a tax-advantaged form of savings, to enable people to provide for their retirement.
Superannuation contributions, over time, compound with accumulated interest into larger sums that are available to you in your retirement. By topping up your superannuation you will be working towards a greater amount of money when you retire.
It is important to remember that superannuation is a long-term investment. For this reason, in most cases, you can not access your super until you retire and reach a certain age. When you retire, the money in your account is generally paid as a lump sum.
As the Australian population ages, there are increased pressures on the Government to fund old age pensions. In most cases, the age pension is likely to be insufficient for you to maintain your pre-retirement lifestyle. For this reason, it is important for everyone to consider their circumstances and to plan for retirement, whether it be 5 or 30 years away.
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