Ask yourself: if you didn’t have super, what will you have left for retirement?
Many people see superannuation as something they’ll get around to nearer retirement, whenever that happens. However, thinking about how much you will need is something for now and not leaving it until later. A small amount saved in super now, plus the effect of compound earnings, will grow to a much larger amount when retirement comes around. The later you leave it, the more of your personal savings will be required to reach your retirement goals.
While super may seem to be changing continually, don’t forget the rules for personal and business tax change just as regularly. Also, the superannuation rules are updated and modified regularly not just in Australia but right throughout the world. The changes are there to adapt to new and challenging economic conditions, longer life expectancies and so on.