Who can contribute to super?If you are in the workforce and aged under 70, you are entitled to contribute to a superannuation fund. There are also other circumstances under which you can contribute:
If you have worked for at least 10 hours a week for the past two years.
If you are on parental leave and were in a super fund before this leave and have been out of the workforce for less than seven years.
If you have had to stop work because of physical or mental ill health.
If you are a non-working or low-income (less than $13,800pa) spouse, your partner can contribute up to $3,000 a year to your super fund.
If you are in receipt of the Baby Bonus.
People aged over 70 who are employed full time (more than 30 hours per week) can now make personal contributions (contributions made out of after tax income).By crownhomeloan.com.auhttp://www.crownhomeloan.com.au/superannuation.php
How much do I need?According to government estimates, you need to save 12 per cent of your annual income for the 40 years of your working life to give yourself an income equal to 40 per cent of your pre-retirement salary. And most of us want at least 60 per cent. So if you earn $50,000 now, a starting point might be to think of a retirement income of about $30,000 a year.Without tax breaks and compulsory contributions from employers, few would have enough retirement income to ensure an adequate lifestyle. While you usually don't spend as much in retirement - no commuting, no office clothes, no school fees, probably no mortgage - you still want money in order to enjoy all those extra hours you have on your hands. Going out for dinner, enjoying the theatre, joining clubs and travel may constitute your retirement lifestyle. But these things cost money. If you fail to save enough for your retirement, there will always be a government pension, but that may not provide the lifestyle you want to lead.By crownhomeloan.com.auhttp://www.crownhomeloan.com.au/superannuation.php
What Is Superannuation?Superannuation is a means of saving for your retirement with the added bonus of tax concessions. It is not an asset class like shares or property but rather a vehicle offering tax breaks when you invest in these assets. If you organise your superannuation properly, you should be able to enjoy life after you stop working. In times gone by, people could expect to live only a handful of years after they retired and their bank savings supplemented by the pension were probably sufficient to see them through. But with people now living 20 or 30 years in retirement, there is a greater need to ensure sufficient funds are available to last for the long haul. Statistics show that if you take a couple aged 65, one of them has a one-in-three chance of reaching 100. That's a lot of years to provide for.By crownhomeloan.com.au
http://www.crownhomeloan.com.au/superannuation.php
