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What is superannuation?

Everything you need to know about how super works and what it can do for you.
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Open an account

What is super?

Superannuation is the money contributed into your retirement savings fund.

This money is invested in various markets while you're still working, to help fund your life when you retire. It’s mandatory for every employer in Australia to pay employees super.

Your super is made up of:

  • Payments from your employer (as of 1 July 2025, it’s 12% of your ordinary earnings)
  • Money you add yourself (called contributions)
  • Any compound interest your investments earn over time.
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How does super work in Australia?

Get paid or pay yourself

Your employer must be putting money into your super. That’s called the super guarantee (SG). As of 1 July 2025, it’s 12% of your ordinary earnings. If you’re self-employed, it’s a good idea to pay some super to yourself if you can.[S1]
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We strategically invest

Your super fund then invests that money and the returns are reinvested. This compounding effect helps your super build greater the longer it’s invested.
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You can add more

You can also add your own money - also known as making contributions - to help your super balance grow.[S1]
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Explore your insurance options

Insurance through your super gives you peace of mind in case something happens, and you could even benefit from some tax breaks. You may need to opt in or apply for cover, and the fee comes out of your super each month.
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Transition to retirement

While there isn’t an official retirement age in Australia, your 60th birthday marks when you can open a Retirement Transition account, so you can access some of your super while you’re still working. The Age Pension access age is currently 67.
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Access your super

Most people access their super once they retire. You have unrestricted access to your super from age 65. In some cases, like serious illness or financial stress, you may be able to access part or all of your balance earlier.
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Who is eligible for super?

It depends on your age, income, and how you work. But many people are eligible, including teens and casual workers.

You’re usually entitled to be paid super if you:

  • Are 18 or older and working a paid job.
  • Are under 18 but work more than 30 hours a week.
  • Work casually or part time and are 18 or older (no income requirements).
  • Are self-employed and choose to contribute for yourself.
Take your super to a new job
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Understand your super

How much super should I have?

There’s no one-size-fits-all number. How much super you’ll need for retirement depends on your lifestyle, income, and goals for retirement. But small steps now, like regular contributions or checking your fund’s performance, can make a big difference later.
See how much super is enough
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How is super taxed?

Super is taxed differently to your normal income. You can make before-tax and after-tax contributions, and each is taxed in its own way. Knowing the basics can help you plan.[S1]
Learn how super is taxed
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Industry super fund or self-managed super fund? (SMSF)

Some people manage their own super through a Self-Managed Super Fund (SMSF). SMSFs give you more control, but also mean more legal responsibility, paperwork and cost. Make sure you compare carefully.
Compare your options
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FAQs about super

As of 1 July 2025, the super guarantee rate is 12%.

It’s compulsory for your employer to pay super contributions on your behalf. The minimum rate is 12% of your earnings, and this is what’s known as the super guarantee. Super is usually paid on top of your salary, but some companies may bundle it into your salary package. Your contract or payslip should tell you how it's set up. Look for the likes of “base salary including superannuation” or “base salary not including superannuation.”

Your super stays with your fund. It doesn't reset. You can give your new employer the same account details so your contributions keep going into the one fund.

Most people access their super after they retire or turn 60 and meet a condition of release. But early access may be possible in some situations, like illness or hardship.

From the basics to the big picture, we’re super helpful

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Need help?

Learn to make the most of your super

Explore videos, guides and tools to help you understand your super, from the basics to bigger decisions.
Visit the Learn hub
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Tools and calculators

Use our free calculators to check how your super’s going and estimate how much super you’ll need in retirement.
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Get help or advice at no extra cost

Aware Super members can book in with a financial expert at no extra cost with a Super Helpful Check-in or Retire Ready Check-in.[AD2]
Explore advice options
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[AD2] Members can get advice about their Aware Super accounts at no extra cost, or advice on their broader needs for a fee.

[S1] Before contributing, consider the current annual contribution limits. Exceeding these limits may reduce any tax benefits you could receive. Visit Grow your super for more information.