If you’re like many people, you’re getting out of bed most days to go to work. And everyone with a job has compulsory superannuation… who’s paying attention though? Sunsuper’s recently released “2016 Australian Employee Insights Report” showed only 26% of people in New South Wales know what the Superannuation Guarantee rate is… P.S. It’s 9.5%.

Your employer is required to pay you a contribution towards your superannuation each year. This is called the Superannuation Guarantee.

The amount payable is usually a percentage of what you earn each year, and is called a Super Guarantee rate (or SG rate) and the rate payable by your employer is currently 9.5%.

Think about it this way though… If you work an 8-hour day, 9.5% of your work day is the equal to 45.6 minutes per day. Your effort for your employer is rewarded with a pay cheque and a contribution to your super. Now that money is going in to super whether you like it or not, but are you paying attention?

• How much is going in?
• Where is it going?
• How is it invested?
• How much are you losing in fees?
• Is it going to fund the lifestyle you want in many years from now?

You’re working hard for that money so why not make sure that money’s working hard for you! We’re approaching the end of this financial year so make a mental note to consider your answers to the above questions when your next super statement arrives.

Cheers,

Daniel