As we navigate through 2024, understanding superannuation’s role in securing a comfortable retirement remains crucial for Australians. With changes and updates in the super landscape, having the correct information is essential. This FAQ guide will address common queries about superannuation, helping you make informed decisions for your financial future.

 

 

 

1. What is superannuation, and why is it crucial for Australians?

Superannuation, or ‘super’, is a compulsory saving scheme designed to provide Australians with income in retirement. Given the average life expectancy exceeding 80 years, super helps bridge the gap between the age pension and the higher costs of a comfortable retirement lifestyle.

2. How do employers contribute to superannuation in Australia?

In Australia, employers are mandated to contribute to their employees’ super funds if they earn more than $450 per month and are over 18 years old. The current contribution rate is 10% of an employee’s earnings, with plans to incrementally increase. There were plans to incrementally increase this rate over time, aiming to reach 12% by July 2025.

However, regulations and specifics can change, so checking the latest superannuation guidelines from an official Australian government or financial authority is advisable to get the most current information.

3. Which is the best super fund in Australia for 2024?

The “best” super fund varies based on individual needs, investment options, and fund performance. Researching and comparing funds based on factors like performance history, fees, and services is a good idea, acknowledging that past performance is not a reliable indicator of future results.

4. How can I change my super fund, and what should I consider?

Review the fund’s performance, fees, and investment options to change your super fund. You can consolidate multiple accounts through MyGov to reduce costs and streamline savings. Consider funds that align with your investment preferences, including ethical investment options.

5. What steps can I take to optimise my superannuation?

Optimising your super includes:

• Consolidating multiple accounts to save on fees.
• Tracking lost or unclaimed super through the ATO.
• Ensuring your super contributions are maximised through salary sacrifice or additional personal contributions.

6. How is the superannuation landscape changing in 2024, and what should Australians be aware of?

In 2024, Australians should be aware of the increasing superannuation guarantee rate, changes in legislation affecting super contributions, and the ongoing importance of monitoring and managing super accounts to maximise retirement benefits.

7. What are some current statistics and facts about Australian superannuation in 2024?

As of 2024, a comfortable retirement lifestyle requires an annual budget significantly higher than the full-age pension rate. With many lost or unclaimed super and the ongoing need to save adequately, understanding and actively managing superannuation is more crucial than ever.

Superannuation remains a cornerstone of financial security in retirement for Australians. As we move through 2024, staying informed and proactive about your superannuation choices will ensure a stable and comfortable retirement. Whether choosing the right fund, optimising contributions, or understanding the evolving super landscape, taking control of your super today will pave the way for a more secure tomorrow.

As part of the Recruitment, Consulting and Staffing Association Australia & New Zealand (RCSA), the leading organisation for the recruitment and staffing sector, TRS Resourcing selects Prime Super as its favoured superannuation fund. With more than 120,000 members and about $6.2 billion under management, Prime Super provides a range of 11 investment choices to meet different risk preferences among its members.

Prime Super also offers valuable insights into superannuation fundamentals, which are available for further reading on their website.

More articles by TRS Resourcing for tips and information about Superannuation.

​What You Need to Know About Superannuation