Across Australia, the superannuation is a scheme put in place to help encourage people to save or invest a portion of their income in order to set themselves up for the future and for when they eventually retire. It is an organizational pension program whereby any money invested will hopefully grow, is usually devoid of the implications of tax, until of course it is either withdrawn or the holder of the account retires.
Naturally,this means that it is a very important facility for people to not only be aware of but to utilise to the maximum.
Do the maths
Whatever you do make sure that you make sure that your plan is bespoke to you. Take interest in your super and make sure that the boundaries and expectations are realistic to your plans. Supers are designed to be customisable, they are one of the most flexible financial aids out there, so if you do not take advantage of this fact then you are doing yourself a disservice. You know what your plans are regarding your retirement, so you are in the position to pick the right investment option for you.
Running out of money in retirement is a common worry, but while you are young and whilst you have the opportunity, it is important that you take a supported and calculated risk with your money. Be pragmatic, there is nothing worse than getting older and ‘playing safe’ to make sure you’re not wasting money.
Loyalty is futile
Just like anything nowadays you need to make sure that your super is doing right by you. You might be receiving all the right messages but you need to make sure for yourself. It is absolutely key that you keep up to date with the market and what others in the market have to offer. Complacency when dealing with any large sum of money is something that you need to avoid. If you are not sure –then reach out to people in the know. Consult a financial advisor. You won’t regret it.
Starting early on growing your super is really the best and most ideal way to save for the future. Regardless of income or earnings it has been proven that those who learn to invest in their future and retirement earlier do best. Every penny counts in this situation, so set aside what you can, when you can.
Sometimes saving is difficult, sometimes it feels impossible, but where and when you can make sure that you take the time to put some money aside. Putting money away, is one of the most straightforward pieces of advice we could possibly give. Regard less of how much you save extra per month, if you are dedicated to putting some money aside it will serve you well in later life.
When you are saving it is always a nice reminder to realise that your boss is also paying into a fund and worrying and saving about his future. So, when it feels like you are the only one working and paying for your future, just remember that your employer is too.
At www.versewealth.com.au/,our team of Financial Advisors will help your design and implement a clearstrategy, supported by structure and accountability leaving you feeling incomplete control of your finances and savings.
The advice on this website may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information.