We get it, life can be busy. With all the various things that run through our minds throughout the day; things that we have to do, people we have to see – we sometimes forget to check on ourselves. That includes being paid our superannuation that we are legally due on a regular basis.
Whether it’s from your very first job – part-time, permanent, or casual – your Australian super account may still be untouched, and what’s worse? You may not even know it exists.
Let’s talk about superannuation. We’re going to discuss precisely what a super account is and provide you with some tips to help you make sure that you are receiving what you’re owed.
What is Superannuation?
Superannuation is money an employer has to pay to their employee in order to provide for their retirement. Generally, if an employee is paid over $450 or more before tax in a calendar month, an employer must pay super contributions on top of their wages. If you are paid by your employer your superannuation should be 9.5% of your income.
How to Check if an Employer is Paying Your Super
If you’re not sure whether or not your superannuation is being paid at the right amount or at all, follow the below-outlined steps:
Bear in mind that super contributions are paid quarterly even if you get paid weekly, fortnightly, or monthly. This means that super contributions funded by your employer may only be placed into your super account four times a year.
What to Do if Your Employer Hasn’t Paid
If you find that your employer hasn’t paid your superannuation, don’t panic. Every situation is different but this is where we recommend starting.
Arrange a meeting with the person in charge and ensure you ask them:
Why Is Superannuation So Important?
Regardless of how old you are or where you’re at in your career – Superannuation is very important.
It’s your money; it’s what you’re owed, and what you have been working so hard for. Regular super contributions in your super account can provide you with significant savings that can help support your relaxed life after work.
Retirement can last an incredibly long time, which means that eventually, your primary source of income will ultimately diminish. Australians often underestimate how much money they will need when it comes time to retire. Superannuation ensures that you have enough funds to cover you for the rest of your life.
Of course, you do have the Australian government’s Age Pension scheme to fall back on, if you’re eligible. However, the amount received may not be enough to provide for the lifestyle you’ve been dreaming of. After working hard for countless years, it’s essential to enjoy your retirement.