If you automatically tune out as soon as someone mentions superannuation then you’re totally normal and I fully get it/have done it. But then, when you do start paying attention, you realise that actually, it’s somewhat vital in determining the type of life you’ll have as a retiree. That’s probably something worth a little more research and effort, no?
Future You Will Be Excited By It
I can just about count on one hand the number of times I’ve put any effort into my super. When you’re still far, far away from retirement super can seem like it means nothing, but just wait.
The Association of Superannuation Funds of Australia (ASFA) says the average single 65-year-old retiree will need $42,953 a YEAR saved up just to live comfortably. Imagine how much that amount shoots to if you always imagined yourself jetting around the country when you retired?
You’re The Only One Who Cares About Future You
I’m sorry, I know this one is kind of harsh, but even the best employer is not going to take responsibility for your super beyond what they’re legally required to do. They simply can’t, they have way too many employees for that.
If you don’t take control you’ll be signed up to the super of their choice, with all the same conditions as everyone else you work with. If there’s one thing you can be sure of, it’s that there’s no one-size-fits-all when it comes to money.
You May Be Paying For Insurance You Didn’t Want
On that note, did you know that $8 billion in superannuation fees goes to life insurance companies? If you left your super up to your employer and never specifically opted out of it, you’re paying $300 to $2000 a year from your Super into Life and Total and Permanent Disability (TPD) insurance. Probably time to find out what that means to you and if you actually want it, no?
Put Effort Into The Super Fund You Choose
I know it’s a minor pain in the butt, but putting actual research and comparisons into the super fund you choose is only something you have to do now and then. Once you’ve done the hard work you can sit back and let it work for you. Your retired-self will thank you when they’re living THE life.Image: Kim's Convenience