KEYTAKEAWAYS
Learn about superannuation, the financial arrangement that secures your retirement through complying superannuation funds. Visit ASIC's MoneySmart for employee super details.
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DEFINITION
Superannuation: Securing Financial Futures for Retirement
Superannuation, often referred to as super, is a financial arrangement aimed at safeguarding individuals’ financial well-being during their retirement years. It involves allocating a portion of one’s income, which is then invested in a complying superannuation fund. This fund is designed to grow over time, providing financial security for retirees.
Superannuation is a critical component of Australia’s retirement savings system. Both employers and employees contribute to super funds, ensuring that individuals have the means to support themselves when they cease working.
Understanding superannuation is essential, and ASIC’s MoneySmart website offers valuable information for businesses looking to fulfill their superannuation obligations to their employees.
