Australia’s superannuation system, a cornerstone of the nation’s financial architecture, is growing apace. Our collective fiscal nest egg is nudging a staggering $4 trillion. With origins dating back to the early 20th century’s introduction of the age pension, the modern superannuation system took shape in the late 1980s under landmark Keating government reforms.
Topping up your super with an extra contribution – even if it’s only a small amount – can make a big difference over time, Credit: iStock This compulsory employer contribution scheme ensures a steady stream of funds into retirement savings, garnering Australia acclaim as a worldwide leader in retirement income security. As we look forward, incremental increases to the Superannuation Guarantee (SG) rate promise to bolster retirement savings, providing a much-needed buttress to Australians’ financial futures. Navigating this complex landscape requires careful consideration and proactive measures.
Colonial First State is a leader in the Australian retirement space, offering a range of superannuation products tailored to the evolving needs of Australians, empowering them to make informed decisions for financial security in their golden years. Choosing the right superannuation fund is crucial for securing a comfortable retirement. Kelly Power, CEO of Colonial First State Superannuation, emphasises three essential factors.
“When choosing a super fund it is always important to consider fees, performance, and.