What is super?

Your super is your money, so take the time to learn about it.

Super is your retirement fund, or the money you can access in your retirement (and in some cases, before) to afford your lifestyle once you stop working.

Your employer pays a percentage of your earnings into your super fund. Currently, the standard is 11.5% of your superannuation salary, however some employers have a higher contribution rate.

The money in your super fund is invested into different assets depending on which investment option(s) you are in. These can be assets like Australian shares, international shares, bonds and cash. For many people, their super is the biggest investment they’ll ever make.

Have a say in how your super is invested

When you join a super fund, you’re automatically invested into that super fund’s default option. At Super SA, if you’re in the Triple S scheme you’ll be invested in the default Balanced Option. Around 90% of our members are in this option.

However, there are seven different pre-mixed investment options for you to choose from. The Balanced Option may not be right for you, so take a moment to consider your financial goals and your risk profile before you make a decision on your investment choice¹. If you’re unsure about what your risk appetite may be, you can take our Risk profiler quiz, which will give you a report on your risk profile that you can download and save for future reference.

Staying on top of your super

While you don’t need to check on your super every single day – and in fact, you shouldn’t – it’s a good idea to check it every now and then to ensure you’re on track to hitting your retirement goals. You can do this via the Member Portal. Within the portal, you’ll be able to see your recent contributions, your total balance, your investment choices and your current insurance.

If you’re unsure whether your current super balance puts you on track for retirement, you can use the Super projection calculator to check. 

Your super is unique to you

At Super SA, we encourage you to seek professional financial advice on your financial planning needs. For financial planning advice, speak to a licenced financial planner. You can visit the Financial Advice Association Australia (FAAA) website https://faaa.au/ and access their “Find a Planner” service to locate an FAAA member near you.

¹ You should seek financial advice before making any decision about your super or investment objectives.