Published: 23 Jan 2023
A new Industry Super Australia campaign is encouraging Australians to take an interest in super and reminding workers retirement savings are grown by time and patience.
Given 70% of the workforce got their first job after compulsory super’s introduction in 1992 it is timely to remind workers of the system’s fundamentals, starting with the magic of compounding interest that grows small early working life balances into something more significant at retirement.
Before compulsory super retirees had little saving and mostly relied just on the aged pension, now the average retiree’s super balance is $360,000. Industry Super Australia modelling forecasts that a 30-year-old on the median wage could have more than $500,000 at retirement.
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.