Superannuation is a tax effective vehicle designed to save for retirement. Contributions can come from your employer and/or by your own money. Sometimes the government may add more by way of co-contributions and/or the low income super contribution.
Employers are required to pay into a super fund where your income exceeds $450 per month. For the self-employee superannuation contributions are optional.
Your super money is also invested by your super fund so it grows over time. When you retire, super is intended to provide a nest egg. Super is a long term investment.
If you commence saving for your retirement early, the more chance your savings have to grow. Ask us about our retirement gap calculator.