Superannuation, retirement and eligibility to the pension are regularly in the news headlines at the moment, yet studies have shown that much of the ‘jargon’ used when talking about these topics confuses most of us.
Nearly 8 out of 10 Australians admitted that they don’t really understand much of the terminology used.*
As superannuation is probably the largest asset many of us will accumulate during our working life (after the family home) and will play a major role in the standard of living people achieve in retirement, it is important that we know more about what the key terms mean.
In reality, most of the terms are quite straightforward. To find out what 20 of the most commonly used superannuation terms mean, visit the Australian Unions Financial Advice Toolkit.
*Superannuation jargon is a barrier for Australians, a survey found (Alison McMeekin 30 March 2012)
The information in this article is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before investing in any product you should therefore read the relevant Product Disclosure Statement (PDS) and consider the appropriateness of any investment for your objectives, financial situation or needs. The Australian Unions Financial Advice Toolkit is powered by Industry Fund Services Limited (IFS), ABN 54 007 016 195, AFSL 232514 IFS one of the largest providers of financial services and products to industry super funds, unions and their members.