18 – 25: Too young to be thinking about getting older?
Too young to care about your super? Confused by the mountain of information? Yes, super can seem dull, dull, dull. But that's just what your retirement's going to be if you don't take an interest in it now. Saving when you're young and free of larger financial responsibilities can help you build wealth for when you need it.
Get off to the right start
- Start out by looking at Joining
- Set a goal. You need to know how long your money has to last after you finish work, and what sort of life you want during retirement to determine how much you may need.
- Know your fund. If you want your super to work for you, you need to understand how your super fund works, what options it offers, and if there are any conditions or restrictions on those options.
- Make a plan. You need to work out how much to contribute to your super now, so you can reach your goals in the future.
Check your insurance
We recommend you check your insurance arrangements at least once a year. A good time to do this is when you receive your annual member statement.
However, circumstances in your life may change at any time, and your insurance may be affected or you may need to review your arrangements to ensure they are still appropriate for you. Here are some examples of circumstance changes which may affect your insurance:
- a change from permanent to casual, or casual to permanent work
- overseas posting
- salary increase or decrease
- leave without pay
- marriage
- birth of a child.
Useful sources of information
Making the right decisions with money— an online guide to budgeting, banking, insurance, superannuation, shares and tips for young adults produced by the Australian Securities and Investments Commission.
Get out there— an online survival guide for young adults produced by the Queensland Office of Fair Trading.
Understanding money— Australian Government website helping you to understand how money pays off.
Super choices— a guide to super, making better super choices and where to find extra help and information produced by the Australian Securities and Investments Commission.
Smarter super— a guide to how super works, and useful tips and suggestions produced jointly by the Australian Bankers' Association, the Financial Planning Association and Investment and Financial Services Association.
Getting advice— a step-by-step guide to choosing the right financial adviser, published by the Australian Securities and Investments Commission in association with the Financial Planning Association of Australia.
The learner investor site– an online guide to the world of investing published by the Eureka Report which aims to inform, advise, guide and educate investors.
Department of Finance and Administration Superannuation branch– this branch supports the Minister for Finance and Administration, with his responsibilities for superannuation for Australian Government employees and Commonwealth parliamentarians.
Super guru– a comprehensive guide to super including information on planning and saving now + the Westpac-ASFA Retirement Living Standard which shows how much you may need in retirement, produced by the Association of Superannuation Funds of Australia Limited.
