One can get a relaxed as well as enjoyable life with the help of sensible spending, saving as well as investing too. A wise employee of any company will not only save the money in bank accounts but also invest them in some super funds, stocks, and bonds, some types of insurance and in property too. Your lifestyle will tell you how much you want to spend and how much you want to save in order to maintain your lifestyle after the retirement .In retired life a person has to mange his savings in such a way that it will generate some sort of income for himself or herself and even for the family too after his or her death.
Anyone can join in a super fund:
€ While joining in a job a person can join a fund as an employer can pay contributions into the superannuation fund on behalf of you.
€ There are some self-employed persons who can decide themselves if they are ready to join as well as contribute to a superannuation fund.
€ Even an unemployed person can also contribute to the super fund up to sixty-five years of age.
€ In superannuation assets all the Australian workers can own up to $913 billion.
€ The per capita money in these funds is more in Australia as compared to other countries.
€ Australian employees have the option to choose the different types of super funds into which the employer will pay their future superannuation contributions in different ways which are :
€ Employees can change their fund scheme in the present situation if it is not with the new employer.
€ Employees can also work on consolidation of superannuation accounts in order to cut the costs as well as paperwork too.
€ They can also opt for a lower fee superannuation fund which will provide better service as compared to the earlier funds.
€ They can easily change to that superannuation fund which is showing better performance in comparison to the other ones.
Different types of superannuation funds are:
€ Industry superannuation funds are those funds which are being run by associations as well as unions.
€ Wholesaler master trust is those funds which are being run by some financial institutions and normally meant for groups of employees. These funds are also known to be retail funds.
€ Employer standalone funds are those funds which are being developed by the employers for the employees of the company.
Going for superannuation is not at all a bad choice and as the amount in this fund is tax free or has less tax then it is highly recommended to employee as well as employers to invest the maximum upper limit in this fund scheme. The benefits of this scheme are unlimited and one can get the amount after being retired which is quite helpful for him in old age. People often talk about the advantages of this scheme and this is the leading advantage of the superannuation scheme. In addition to this the amount invested in this scheme has a lesser rate of tax on it. This tax is not same in all the countries but one thing that is sure is that it is always lesser than the general tax on the income that every citizen has to pay.