Building Financial Independence for retirement #financialplanning #retirement

Superannuation was originally set up to help Australians support themselves in retirement, rather than relying solely on the government.

Australia has the Age Pension, which is there to support people who don’t have a large financial asset base. It’s designed to make sure people aren’t living below the poverty line once they stop working, although many Australians know the Age Pension alone can be quite limited.

To help address this, the government introduced mandatory superannuation. This means your employer contributes a percentage of your income into your super fund throughout your working life.

The idea is that by the time you reach retirement, you’ve built up enough in your super to help fund your lifestyle, reducing the need to rely on government support.

General advice only.

Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401).

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