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Talk to me about superannuation

There are varying levels of understanding when it comes to superannuation. But one thing we all know is that every worker in Australia is entitled to receive money in a super account—and that, in addition to each pay cheque, a proportion of our income is automatically saved for us.

The government sets the minimum amount that employers must pay into employee super accounts and this amount is called the superannuation guarantee (SG). Currently your employer is required to pay a minimum of 10.5% of your ordinary earnings into your super account.

Will I have enough when the time comes to retire, just from the super guarantee (SG) payments my employer is making?

Depending on your annual income and other factors (e.g. fees, investment returns etc) you may be able to accumulate enough super for a comfortable lifestyle through your Superannuation Guarantee payments. For example, if you are a 30-year-old earning an annual income of $90,000 and have a current account balance of $50,000, you would have approximately $730,000 by the time you retire, using only SG payments*

However, if you started putting away just $100 from your income each week, (through salary sacrificing) in addition to your SG payments from your employer, you could have over $1,000,000 in retirement—giving you an extra $270,000 by the time you retire.

An extra $270,000 could make a big difference to the type of lifestyle you enjoy in retirement.

But retirement is so far away, why should I care about this now?

You may not know Australians are finding it harder to retire comfortably on their superannuation savings alone. The earlier you start taking care of your super, the better off you’re likely to be down the track. So, now can be a great time to get in touch with your super so you can aim to put yourself in a better position and enjoy a comfortable retirement.

We’re here to help!

If you have any questions, reach out to the Prime Super team and we will help you make 2023 a great year for you and your super.

Book a chat

Call us on 1800 675 839
Email us at


*Calculated using a 7% net investment return

The information is general in nature and does not consider your specific circumstances. The information should not be relied upon to make an investment or financial decision. You should seek appropriate tax or/and financial advice, and read our Product Disclosure Statement (PDS) before making a decision about Prime Super. For a PDS and Target Market Determination call 1800 675 839 or visit the Prime Super Pty Ltd ABN 81 067 241 016 AFSL 219723 RSE L0000277 (Trustee), Prime Super ABN 60 562 335 823 RN 1000276.

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