Sorting Out Superannuation
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What is superannuation and why should you care?
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How can you check if you're being paid super by your employer?
This series is hosted by Kate Campbell from HowToMoney and Owen Raskovich from Rask Finance. The Australian Finance Podcast is provided for educational purposes only. The information is general in nature and does not take into account your needs, goals or objectives. What that means is the information does not apply to you specifically. So consider getting the advice of a licensed and trusted professional before acting on the information. Welcome to Episode 7 of the Australian Finance Podcast, Kate.
Hi, Owen.
Today we're talking about superannuation and making sure you have a super super and we're going to talk about all kinds of good stuff like why you need to take notice of it, simple ways to change, how to check for fees and insurance and how to get a little bit more out of it. and why you should care about it even though you probably can't touch it for 40 or 50 years well yeah so we'll that's right we'll talk about how money goes in and how it comes out and what exactly it does and we'll try and keep it short and concise and a little bit fun and enjoyable as we go yeah so did you want to tell people what super is or shall i
I think you can best sum that up.
Okay. So super, it's a lot of mystery around it. It sounds like this would be a guy with a cape that's like doing something, but it's really not that bad. So a super fund is really just a fancy bank account and your money goes from... Typically, straight from your employer, if you're earning a sufficient amount of money, and what I mean by that is typically over $450 a month, or if you're under 18 and you're working full-time, you should get super. You'll see it appear on your payslip because the employer will pay that as part of your wage. It's around about 10%. 9.5% is the current rate, but that's increasing over the next few years.
What are the steps to change your super fund?
And that money goes into a separate account managed by a super fund, which is like a company. Think of it like a company. And they invest in all different types of stuff. So we talked about it in the last episode how chances are if you've got super, you're already an investor and you don't know. Yeah. The super fund will invest on your behalf. So you're what we call a beneficiary of that money, but you don't own it in your own legal rights. So it's not in your name. You don't have to fill out forms. A super fund does that for you. And you'll get it at a certain time later on in life. So how old do you normally have to be to get super? Do you know?
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Chapters
8 chapters
1
What is superannuation and why should you care?
0:00–1:36
2
How can you check if you're being paid super by your employer?
1:36–3:27
3
What are the steps to change your super fund?
3:27–4:52
4
How can you add extra money to your super?
4:52–7:06
5
What types of insurance can you have within your super?
7:06–8:36
6
What fees should you be aware of when choosing a super fund?
8:36–10:13
7
How can you access your superannuation funds?
10:13–11:40
8
What are the common strategies for managing superannuation?
11:40–31:15
Speakers
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