Introduction to Australian Superannuation

Australians, in general, constitute some of the worst savers in the world. Current estimates suggest that, on average, Australians save just 4% of their income. This is less than half of the 11% estimate for Australians in the late 1970s.

In the past, pensions from taxpayers were used to provide pensions for senior citizens upon their retirement. However, because of the increased life expectancy of Australians coupled with the decrease in the average number of children per household, the use of pensions, if persisted with, will put a significant strain on the Federal Budget.

As a result, the concept of superannuation was introduced whereby employers are obligated via the superannuation guarantee to contribute at least 9% of an employee's wage to a superannuation fund which must be preserved until the employee has reached retirement before it can be accessed.

The advantage of making contributions to superannuation are that it introduces a form of forced savings for Australians into a fund which will hopefully invest the money into the appropriate assets for increasing its value over the long term.

As an added incentive, contributions to superannuation are only taxed at a marginal rate of just 15%. For most income earners in Australia, this will be more attractive than the usually high tax rate that they would be subjected to if their money was not put into superannuation.

A disadvantage of the superannuation scheme is that many Australians, particularly those who change employers regularly, are likely to have various small amounts of money in a number of separate superannuation funds.

This, in turn, can lead to a decrease in earnings as each fund will introduce any number of fees for maintaining the account. More significantly, a member account in a superannuation fund can possibly be forgotten in time and become unclaimed.

It is estimated that there is currently more than $7.2 billion of unclaimed and lost superannuation. This works out to about one in every three Australians who have money in superannuation and don't know about it.

As such, it is imperative that Australians take a proactive approach to superannuation by making sure they are always aware of which funds their superannuation contributions are being made to and by rolling over these amounts where practical into a consolidated fund each time they change jobs.

By doing so, one can avoid the difficulties involved in having to track down any possible lost money belonging to them after years of neglecting to pay attention to superannuation during employment.

Jonathan Bailey is a columnist for unclaimed superannuation, a website containing information on superannuation and how to track down lost and unclaimed super.

Alto Pass chicago limos ..
In The News:

A Google DeepMind team has developed an artificial intelligence system that can play video games like a human and take native language commands from players.
Four of the largest school boards in Ontario, Canada have launched lawsuits against TikTok, Meta, and Snapchat, claiming that they have impacted students' thinking and behavior.
Finalists for the inaugural Women’s Prize for Nonfiction, aimed at addressing the gender imbalance in nonfiction publishing, were unveiled on Wednesday.
Tech guru Kurt "CyberGuy" Knutsson breaks down whether the government is watching citizens and what they can do to protect online privacy.
A benchmarking group for artificial intelligence has released new results evaluating the speed of hardware in running AI applications and responding to users.
Sierra Space’s Dream Chaser spaceplane provides a glimpse into the future of space travel. Traveling to space may become a part of everyday life.
The new European Hyperloop Center in the Netherlands aims bring in a new era of transportation. The center will use a steel tube as a proving ground for testing the new vehicle.
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.
While it may be incredibly tempting to have a “go with the flow" mindset like the rest of your vacation, your technology definitely should not be compromised while traveling.
Have you ever accidentally deleted an app from your iPhone that you’ve already paid for? Don't worry. We’ve got a trick that will help you get it back without having to buy it again.
Apple's new Journal app has raised privacy concerns among Apple's userbase. Tech expert Kim Komando examines social media rumors and explains what steps to take to protect yourself.
Although Facebook has denied that our phones listen to us, they do have other ways of finding out what we are talking about, listening to and searching for.
With the integration of OpenAI technology, Figure 01 has taken a significant leap forward, showcasing the potential of robots to understand and interact with us on a personal level.
Port Ellen, newly reopened whisky distillery in Scotland, is using SmokeDNAi technology to understand mouth-feel and flavors during the whisky maturation process.
Telly, a smart TV firm, is promising to give out their 4K 55-inch TV for free. What must you give in return? The innovative, yet potentially unsettling, answer might shock you.
The moment a spam invite hits your calendar, it’s like an uninvited guest at a party. So, what do you do? Show it the door.
Identity thieves are now targeting children and are making large sums of money by exploiting children's identities, possibly hurting their financial future.
There's a clever way to change the notification sounds on your Android without having to look at your screen. Kurt "CyberGuy" Knutsson explains.
If your bank accounted has been hacked, there are a number of steps you can take to prevent it from happening again. Kurt "CyberGuy" Knutsson explains.
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.
The Wave House, a data center in Heidelberg, Germany, is the the largest 3D-printed building in Europe. Its walls were built in about 140 hours.
Some government agencies around the world are struggling to meet their staffing goals when it comes to hiring artificial intelligence experts.
Google Maps' recent upgrades have introduced real-time ETA and turn-by-turn directions to your phone's lock screen while you are traveling.
Kat Cammack says AI could disrupt the 2024 election. A report says shared AI image tools generate election disinformation in 41% of cases and voting disinformation in 59% of cases.
Deepfakes have become commonplace, and the technology is only getting better, but there are certain elements that might give away the fact that an image is AI-generated.

5 Steps to Healthy Spending Habits

Next to our physical health most of us are primarily... Read More

Ways to Save Energy and Slash Electricity Bills

1. Lighting & Light Bulbs Install low energy light... Read More

UK Parents Inactivity Harming Their Children?s Future University and Mortgage Savings

The British government at the beginning of this year officially... Read More

The Wonderful World Of Address Labels

Ever wonder where address labels come from? Avery? is perhaps... Read More

Money Matters - Really!

One of the biggest challenges facing black RELATIONSHIPS today are... Read More

Portfolio Planning can Lead to Irreconcilable Differences

The judge had to ask the question, and we had... Read More

Improve Your Professional Image Using Address Labels

One of the simplest ways to improve your professional image... Read More

How Electronic Checks Work ? Will Paper Checks Eventually Go Away?

Traditional checks probably won't disappear anytime soon, but processing checks... Read More

Take Control and Master Your Kitchen

Those who keep a watchful eye on where their money... Read More

The Joys of Address Labels

Address labels are many things to many different people. If... Read More

The Origins of Check Writing

People haven't always written checks to buy goods and services.... Read More

Credit Card Debt ? Watch Your Credit Report and Your Bill

Most consumers are aware of the importance of their credit... Read More

Personal Loans For Homeowners ? One Of The Numerous Rewards For Being A Homeowner

You no longer look at the pictures of homes cause... Read More

10 Money-Saving Tips

1. If you have your haircut every 3 weeks, try... Read More

Developing a budget? Watch out for Those Budget-Bursting Gremlins

If you've developed a household budget to get your spending... Read More

7 Simple Ways To Save Money

Each of us knows how to spend money, but do... Read More

Students Investing in Their Future Need to Manage Their Finances Today

With the A-level results coming out, the long wait for... Read More

Save On Food - Ten Tips

To save on food, be an opportunist. Buy what you... Read More

Budgeting Made Easy

Well, dang! From what I've heard and read, it looks... Read More

Saving Money - Are You Doing Enough?

It is estimated that we, as consumers, waste an average... Read More

5 Ways to Absolutely Destroy Your Finances!

Ben Stein has a book called How to Ruin Your... Read More

Knowing Me, Knowing You: Why ID Protection Plans Are Flawed For Fraud

ID theft is a major consumer concern, though there is... Read More

How To Protect Yourself Against Identity Theft

Identity theft is a serious crime that continues to grow.... Read More

Are You Sick of the Financial Insecurity of Fluctuating Seasons and Income?

Finding a stable and secure income that will come year... Read More

Single Mother and Learning how to Save

Saving may seem easier if you were saving for a... Read More

Alto Pass cool limo ..