Ashish Banjit

The superannuation (a way of saving so an employee has some

money in retirement) is a scheme designed so that when employees
reach their expected retirement age they can retire with enough
money to survive and pursue their dreams before they die. We can
calculate that because Ashish is male and was born in July 1975,
that the earliest he can access his super (superannuation) is at the
age of 60 (ASIC, 2015). Ashish on average will live to around 80
years of age (Australian Government, 2014) and so if he does
choose to retire and access of his super at 60, he has to make sure
that the money saved from super and other bank accounts can
support him for at least the next 20 years.
Every Employer has to contribute to their employees
Superannuation fund a minimum of 9.5% of their wage or salary
(Australian Government, 2014). If an employee is earning a salary of
A$95,000, her employer has to provide her with a superannuation
Guarantee of 9.5% to contribute to her super every year, giving
A$9,025 contributed to her super and A$104,025 in total.
There are many types of super funds that Ashish can choose to use
however the most appropriate for him is NGS Super an industry
super fund. NGS Super is the right one for Ashish because it focuses
education and community-focused organisations providing members
like Ashish with low fees and teacher benefits (NGS Super, n.d.).
Ashish also boosts his superannuation savings by having his
employer deduct extra money from his wages or salary (before tax
is taken out) and contributing it to Ashishs super account (ASIC,
2015).