{"id":3035,"date":"2018-05-24T02:51:09","date_gmt":"2018-05-24T02:51:09","guid":{"rendered":"https:\/\/raizinvest.com.au\/investors\/why-your-super-is-still-important-when-youre\/"},"modified":"2021-02-08T04:26:59","modified_gmt":"2021-02-08T04:26:59","slug":"why-your-super-is-still-important-when-youre","status":"publish","type":"post","link":"https:\/\/raizinvest.com.au\/investors\/blog\/why-your-super-is-still-important-when-youre\/","title":{"rendered":"Why your Superannuation is still Important when you\u2019re Young"},"content":{"rendered":"
\"superannuation-important-young\"<\/figure>\n

Whilst you don\u2019t care
\nabout retirement now (we get it, why would you if you\u2019re young?), we can almost
\nguarantee you that one day you probably will. This may happen when you start a
\nfamily or just when you get older (which also we can pretty much guarantee). So,
\ndon\u2019t forget that your Superannuation is still
\nyour money, <\/i>just like it is your money in a bank account or your Raiz
\naccount. <\/i>You have spent time learning
\nto be more financially confident, so it is just as important to understand
\nSuperannuation and how to get the most out of it.<\/p>\n

 <\/p>\n

How is your Superannuation funded?<\/b><\/h3>\n

Your employer will pay contributions
\nto your super fund on your behalf. It\u2019s required that your employer pays at
\nleast 9.5% of your salary at all times. However, it may be a great idea to
\nexplore boosting your super balance even further and letting the power of
\ncompound interest do its magic if you can afford it. Like the Raiz Philosophy
\nof investing small amounts regularly, what might be insignificant amounts now,
\nwill add-up over your working life and could mean a big difference to your
\nlifestyle upon retirement.<\/p>\n

Last year, the government
\nannounced you can also voluntary contribute on top of the employee guarantee
\npayment further, cash taking the total up to $25,000 per annum and that this contribution
\nwill be before tax (check with your advisor or superannuation fund on how this
\nis done). This extra ability to do voluntary contribution rolls forward for 3
\nyears. This means if you didn\u2019t voluntarily contribute this year, your cap
\nrises to $50,0000 the following financial year ($25,000 from first year, and
\n$25,000 from the second year).<\/p>\n

\u00a0<\/b><\/p>\n

What\u2019s the first step to getting your Super under control? \u2013
\nConsolidate.<\/h3>\n

Every year, billions of
\ndollars are lost in fees paid to manage and administer your super, mainly due
\nto a lack of consolidating your super. This is because many superannuation
\nfunds charge a flat fee for administration. If you\u2019ve had a lot of jobs
\n(casual, part time or full time), you may have all your money sitting in
\nseparate funds or lost supers and having to pay flat fees on each fund. Consolidating all
\nthese into one super fund could help you save on fees and help you feel more
\nfinancially confident by managing this money all in one place. Tools such as
\nRaiz Super, once fully launched, can help you search for all your Supers
\nthrough your TFN and can consolidate them on your behalf. For more information on Raiz fees, click here<\/span>.<\/a><\/p>\n

\u00a0<\/b><\/p>\n

Did you know?<\/h3>\n