Whilst retirement seems far away, have you ever wondered how much super you should have at your age? Websites like Super Guru are helpful in giving an estimate, based on your date of birth, on how much you’d need to have a comfortable retirement later on.
By law, your employer is generally required to put 10% of your salary into your super account. However, you can choose to make additional voluntary contributions to help grow your super.3
For more information and to check your eligibility, visit the ATO website.
Find out how you can make a contribution into your Essential Super account.
How your super is invested makes a difference to its performance and balance by the time you retire. Typically, growth assets like property and shares have higher returns than defensive assets like cash and fixed interest, but carry more risk. With Essential Super, your money is automatically invested in one of our Lifestage investment options based on your age. Your investment mix is adjusted as you grow older. Your super balance may go up and down when markets become volatile from time to time so it’s a good idea to regularly review and make sure you’re comfortable with the type of investment options you have selected in your super to ensure your super is on track.
Our Investment Fact Sheets will show you a short summary of the investment options, the strategy and its performance over time.
1 Before you make a decision on consolidating your super, you should compare the costs, fees, risks and benefits of your other super funds against Essential Super. It makes sense to consider whether you can replace any insurance cover you may lose upon rolling over, potential costs for withdrawing from other super funds as well as any investment or tax implications. You should also decide which super fund you want your employer to pay your future employer contributions to and complete a Super Choice form if necessary.
3 Contribution caps apply
4 Before making any major decisions around your investment options, it’s a good idea to understand the risks associated with your current investment strategy and any changes you may like to make.
Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the issuer of interests in Commonwealth Essential Super ABN 56 601 925 435 (Essential Super). Colonial First State (CFS) is Superannuation and Investments HoldCo Pty Limited ABN 64 644 660 882 and its subsidiaries which include CFSIL. Commonwealth Bank of Australia ABN 48 123 123 124 (the Bank) holds a significant minority interest in CFSIL. The content on this page is issued by CFSIL and may include general financial product advice but does not consider your individual objectives, financial circumstances or needs. The Target Market Determinations (TMD) for our financial products can be found at www.cfs.com.au/tmd and include a description of who the financial product is appropriate for, and any conditions on how products can be distributed to customers. You should read the Product Disclosure Statement (PDS) and the Reference Guide for Essential Super carefully and consider whether the information is appropriate for you before making any decision regarding this product. Read the PDS and Reference Guide, or call us on 13 4074 for a copy. Neither the Bank, CFS, nor any of their respective subsidiaries guarantee the performance of Essential Super or the repayment of capital. An investment in this product is subject to risk, loss of income and capital invested. An investment in Essential Super is via a superannuation trust and is therefore not an investment in, deposit with or other liability of the Bank or its subsidiaries. Where we mention ‘we’, ‘us’ or ‘our’, we mean CFSIL.
The insurance provider is AIA Australia Limited ABN 79 004 837 861 AFSL 230043 (AIA Australia). AIA Australia is not part of the Commonwealth Bank Group. The insurance cover is provided under policies issued to the Trustee.