Superannuation…stay awake

Superannuation. Merely reading the word is enough to make most of us want to doze off. But force your eyes open long enough and you realise that it’s actually incredibly important – and something we should all probably know a little more about.

The government has announced it is increasing the legal minimum super contribution from 9 per cent 12 per cent over the next seven years. The increases will start happening from July 1 this year.

Sounds good. But what does that actually mean for us? And what should we be looking for when it comes to super in the Federal Budget rolls around in May?

Is the super system as it stands benefit those Australians who need it most? Or are the richest among us rubbing their hands together at our expense?

This article by Peter Martin in the Sydney Morning Herald recently outlines the super debate quite nicely.

It outlines what’s wrong with the current system, the history of the super debate and what we should be looking at Treasurer Wayne Swan to announce in regards to super at the budget.

Still awake?