I have noticed in a lot of blogs references to 401(k) and so i googled it to find out if we have anything similiar here in Australia. And it sounds very like Superannuation, although I could,nt work out if the Employer was obliged to make a contribution or if it was an incentive in a salary package. My Superannuation is paid into my alloted fund every payday by my Employers by law they have to pay in a percentage of your wage, you can also add your own contribution to this which is added after tax, or Salary Sacrifice some of your wages into your fund which is put in before tax, making your taxable income lower. I pay in some before and some after tax, the Government are at present adding $ for $ amounts to the after tax contribution so I am taking advantage of this, and I also am taking advantage of the reduced tax by Salary Sacrificing. I am classed as a low paid worker and so these figures may vary according to your wage structure. I will never have enough Super to retire with as I have left it too late but it should be enough to give me a very large nest egg when I do retire. I would like to take advantage of getting a long service payout out when i retire and this is paid to me after 10 years of continues employment with my firm. This will be due to be paid out in January 2017, so I will be 66 years old then and eligible to be paid my aged pension as well. And so barring accident I can retire on 2nd January 2017 not long now LOL
Started back at work today and I really struggled through the 4 hours I was there, still it can only get better.
Stayed home all day yesterday so I had a no spend day, gotta love them.