Super help for young
YOUNGER Australians will have more money in their retirement kitty after an overhaul of the superannuation system.
One of the nation’s largest superannuation funds, AustralianSuper, will scrap automatic insurance for new members under 25, which is tipped to deliver them an extra $9000 come retirement.
They will instead be required to opt in to insurance.
AustralianSuper’s Rose Kerlin said younger people were unlikely to make a claim, and paying for unnecessary insurance would hinder their retirement balances.