With plenty of time on their hands, people are also now looking at their super as a priority. The opportunity for younger people to access super prior to retirement has many dusting off their annual statements to see how much they can get. While you’ve got the statement out, there are some other things to look for. We can help you!
Quarantine will have you doing some strange things you have not done before. For example, rolling out of bed straight to your living room to work from your home office, endless cups of tea/ coffee and walking the dog for any excuse to get out of the house (yesterday’s journey was to buy gin).
More importantly, it’s a good time to look at doing some of the tasks you have been putting off for a while (maybe years). This was exactly what my housemate and I did yesterday, we looked into her superannuation situation. We discovered that she had insurance she wasn’t aware of, multiple super funds and had been paying a lot of fees (sometimes it’s good living with a Financial Adviser who loves looking at this stuff!).
Honestly, prior to becoming a Financial Adviser, I didn’t understand the importance of keeping an eye on superannuation either. Since beginning my journey in finance, I have a greater understanding of super and I now want to help everyone I know with it. Education is so important, as many of you are now homeschooling your children on Maths, English and Art have become aware. But is there anyone to educate you and your children on the significance of superannuation?
My housemate had the following to say about her experience:
‘’I thought I had done all the right things to ensure a secure future with my super. When my circumstances and income drastically changed, I didn’t realise that I needed to amend my super insurance. How would I know to do that though? It is not deducted from my everyday account, but rather my superannuation fund. In 5 years, I lost approximately $10,000 by not amending when my circumstances changed. It’s heartbreaking. Everyone needs to look into this every so often and make the appropriate changes to reflect their current situation. I’m only 34 but that $10,000 would have made all the difference at my eventual retirement.’’
Need a hand to get on top of some of those forgotten matters? Want to discuss the implications of accessing super early (I wrote an excellent article last week on this, if I don’t say so myself!). Contact Wakefield Partners today to discuss your superannuation and ensure your super is working for you. We want to see you take control!