Manage your super

What's your SQ?

That’s your ‘Superannuation IQ’. Are you a Superwhiz who’s all clued-up on superannuation jargon? Or could it be time for you to get super-savvy fast? Here’s your chance to find out. Just choose the definition you think best fits each of the following common super terms.

What is preservation age?

What is an industry fund?

What is a retail fund?

What is the compounding effect?

What is TPD cover?

What is salary sacrifice?

What is a co-contribution?

What is a voluntary contribution?

What is an income stream?

What is pre-tax?

What is the accumulation phase?

What is a beneficiary?

Your SQ Score

Your SQ is

SuperDictioanry definitions

The accumulation phase

The period of time when an investor builds up the savings in their super account.

A beneficiary

A person you nominate to receive your benefits after you die.

A co-contribution

The bonus contribution the Government makes to the super accounts of eligible people.
Government co-contribution

An income stream

Regular payments received from a superannuation account.

An Industry Fund

A not-for-profit super fund, originally designed for people working in particular industries.

Preservation age

The age when you can access your super.

Pre-tax

Before tax has been deducted.

A Retail Fund

A super fund, often run by banks or investment companies, that aims to earn profit for shareholders.

Salary sacrifice

An arrangement made with your employer where you make extra pre-tax contributions into your super.
Salary sacrifice

The compounding effect

The exponential financial growth achieved by earning interest on interest.

Total and Permanent Disability

Insurance cover for Total and Permanent Disability that may be part of your super.
Standard cover

A voluntary contribution

An amount you pay into your super from your after-tax income.
Voluntary after-tax contributions

How do you compare?

You might be smarter, fitter, happier and better looking than many people your age, but could you be richer too? Find out how your super balance compares with other people your age.

Just enter your age, gender and super balance here.

aged is:

Results

Average balances are derived from research provided to Sunsuper by Rice Warner Pty Ltd. Figures for the number of superannuation accounts at June 2014 have been projected from information provided in APRA’s Annual Superannuation Bulletin, June 2014. Assumptions about age and gender were made with reference to membership profiles sourced from a number of Industry Funds, Public Sector Funds, and Master Trust providers. It has been assumed that the number of active accounts, balanced against the demographic profile of the Australian labour force as published by the Australian Bureau of Statistics in July 2013, is approximately equal to the size of the employed Australian labour force. Figures are correct as at 30 June 2014. Average balances include self managed super funds.

Wake up and don't smell the coffee

What could it mean if you sacrificed just one everyday luxury and put that money into your super? Find out how less now really could add up to more later.

Select an item that’s worth giving up now to have more in the future.

How many times a week will you give this item up?

How old are you and when do you want to retire?

Result

If you gave up you could save by the time you want to retire.

Even better, invest the money you save int oyour super and it could be worth as much as by the time you retire.

Assumptions

The projected amounts are based on the assumptions below and are a general illustration only. If your actual situation differs from the assumptions made, the results may differ significantly. The actual results are not guaranteed in any way. The results are shown in today's dollars so they are consistent with today's living standards with an assumed discount rate of 3.75% p.a. The projected amount assumes that you continue to contribute the extra contribution until your submitted retirement age. The projected amount assumes the extra contributions are indexed at 3.75% p.a., a rate of investment return of 7.0% p.a. after investment fees and investment tax, a gross administration fee of 0.10% of account balance, no insurance premiums and no government co-contribution.

References

Average cost of coffee in Australia = Regular cappuccino = $4.08

Average cost of a mid-range bottle of wine in Australia = $15.00

Average cost of buying lunch in Australia = $7.75 (Roast beef Subway foot long sub)

Average cost of buying a newspaper in Australia = $1.40

Average cost of flowers in Australia (based on the full price cost of a bouquet of mixed roses) = $49.95

Average cost of a restaurant dinner in Australia (based on halving the figure in the source so that it is relevant to one person instead of 2) = $40