Superannuation for most people is an investment that is not really of interest to them until they are approaching retirement. Unfortunately, by then it is far too late!
The reasons for a lack of interest in superannuation are varied. It can be seen to be dull and boring, the Government keeps fiddling with the rules, it’s an investment that you cannot accessed as a lump sum until they reach preservation age and retire, and for some it is even seen as an extremely risky investment. With this lack of interest comes a lack of focus to maximise final retirement benefits.
To be a successful investor you should take the time to study your superannuation fund choices, consider your contribution options, examine how to strip out excessive fees and commissions, and then make sure you invest cost effectively and confidently to achieve competitive long term returns with a level of risk you are comfortable with. Then, as you watch your investments grow over many years, it can be a beautiful thing so see it steadily become an important and significant retirement asset.
As current and future Australian Governments grapple with the issue of providing Commonwealth support in retirement, there is little doubt that future retirees will receive less in Age Pension entitlements than current retirees. The reason for this is simple: as the Australian population ages there is a shrinking percentage of working people who are paying taxes to support the retired population.
When it comes to superannuation, many women are at a significant disadvantage. Women often put family before career, have breaks in employment and are not always employed in roles that reflect their true capabilities. Over a working life, the negative effects of a fragmented working career on superannuation balances for women can be very significant.
There are two clear options for everyone with superannuation: do something or do nothing. Anyone who chooses to do nothing is foolish and should brace themselves for the ultimate consequences of a poor standard of living in retirement.
For those who have the energy and motivation to do something positive and would like to be successful, it is time to take action! You have many choices at your fingertips and with careful research, sound financial advice and an appropriate action plan including regular additional superannuation contributions, you have a real chance of being successful. Importantly, the sooner you start planning, the more likely you will be successful with your retirement planning.
What should you do next? It’s really simple: if you are serious about planning for a secure financial future, we are serious about assisting you to be successful so contact us today to see how we can help you understand things more clearly.
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