Government incentives like the First Home Super Saver Scheme , low income tax offsets and contributions , and co-contributions are all great reason to get your teen started with super early. Study the product disclosure statement, and check things like the fees, investment options, extra benefits, performance, insurance options, and service. Check if your fund has one of these before you complete the standard version. Tip: some super funds offer pre-filled standard choice forms to make it easier for members. Note you can choose a fund at any time , but you can only make the employer change funds once a year.
Alissa. Age: 27.
As you look for the right fund for your teen, you might be able to find a fund that's designed for young people, with minimal administrative fees or even discounted fees to avoid eroding low super balances.
Annalise. Age: 23.
Helping Your Teen Set Up a Super Account: A Step-by-step Guide
What happens when you graduate? As noted above, if your teen doesn't nominate a fund, the employer will pay super contributions into a fund they choose. Check if your fund has one of these before you complete the standard version. This is general information only and does not take account of your individual investment objectives, financial situation or needs.