The Superannuation Guarantee requires employers to contribute nine per cent (rate effective from 1 July 2002) of their employees salary to superannuation.

However, the simple reality is that your employer’s superannuation contributions alone may not provide you with a comfortable retirement. Many financial strategists suggest that at least 20 per cent of your salary should be going into superannuation savings, if you want to maintain your lifestyle in retirement.

Other developed countries such as Canada, Italy, Portugal, Spain and Singapore require that double the level of Australia’s compulsory superannuation contribution level be directed into superannuation savings for this reason.