what is superannuation?

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I also posted this to r/Adulting and they referred me here. I’ve heard the term before and I’ve tried looking it up but I still don’t get it. I think I need a proper explanation.

In: Economics

2 Answers

Anonymous 0 Comments

“Superannuation” can mean a couple of things. Going on the context of your other post, your employer giving you a superannuation means basically that you’ll be able to elect to contribute so much of your income to a tax-advantaged retirement/pension fund, and they will match your contribution up to a certain amount. Either or both of those are superannuation; your employer *giving* you superannuation implies the latter to me.

The term I am more familiar with to refer to this is “401k matching” or “employer matching”; you can read about this concept [here](https://smartasset.com/retirement/how-does-401k-match-work), but I suggest you also speak to your HR department or more senior employees.

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