How Does Superannuation Work and When Can You Claim It?

Superannuation relates to your retirement fund. Employers are required to contribute to your superannuation fund throughout the years that you work, according to government set rates. However, in most cases, the funds that your employer contributes will not be adequate to get you through your entire retirement. If you want to be able to retire at a decent age and live comfortably into your older years, then it is highly advisable to contribute your own funds too. Planning ahead for the future is something that many youngsters brush aside, but that’s sure to be a source of regret later down the line. Your superannuation fund can become a lifeline when you hit old age, allowing you to cover important things such as bills, rent, care and medical expenses.

When Will You Receive this Money?

In most events, superannuation funds are kept under lock and key until you reach retirement age. When you reach age 65, you will be able to start claiming these funds in order to help you to be able to stop working. This can be invaluable to those looking to retire but without the funds to do so.

Can You Claim Your Funds Early?

Most superannuation funds also come with disability benefits. As a result of this, you may be able to claim your funds early in the event of an illness or injury that causes to you be prevented from working for an extended period of time. If this situation applies to you, then your best bet is to get in contact with qualified superannuation lawyers who will be able to help you build your case. You will need to be able to prove that you are unable to continue in the line of work you were in as a result of your accident, illness or injury. In some cases, where the issue is likely to pass after some time, you may be granted monthly payments until you can return to work. However, in other cases where the problem is more permanent, you will likely be granted a lump sum payment. A lawyer will be able to help you to get the best deal out of your claim.

Does the Illness or Injury Need to Be Work-Related to Claim?

A common misconception is that an illness or injury must be work-related in order to claim benefits. This is not the case. In order to claim these benefits, it is not necessary to prove that anyone was at fault for your illness, you must only prove that the illness exists and is impacting your ability to work. Many Australians are completely unaware of this point and suffer through an illness without any help. The specific terms and conditions will depend on your particular policy, but generally speaking, if you have been put out of work for three or more months as a result of an illness or injury then you will be entitled to make a claim.

It certainly pays to get clued up on your superannuation fund and benefits eligibility. If you’re unsure on your work’s policy, why not ask them about it today?

Joanna S. Tyler

Joanna S. Tyler has designed Peacepark.us to allow guest bloggers to post their unique, interesting and informative content for peace park readers. He does blogging himself and contributes to several blogs including peacepark.us

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