Updated: Apr 10, 2020
Australians love a punt. Hundreds of millions of dollars are wagered on the Melbourne Cup each year alone, and the race that stops the nation only takes 15 minutes. What if I told you that if I had 15 minutes of your time, you could potentially have an extra $1.1 million to spend on your retirement?
Do you know what the rate of return for your superannuation was last year?
Do you know if this rate is good or bad compared to other superannuation funds?
Better still, do you know the balance of your superannuation?
Is your response to these questions, "I don’t know" or "who cares"?
Is it that you won’t need your super for another 20+ years so you’ll worry about it later? Will you only worry about it after you have bought a house?
Or after you find the right job?
Are you going to wait until after the kids have finished high school?
If I told you that you could be throwing away $1.1 million over your lifetime would you be more interested?
The differences between rates of return for superannuation funds can vary tremendously. If you are 25, on an average salary of $80,000 and your employer is making superannuation guarantee contributions of $7,600 per annum, these percentage differences in real terms at retirement can mean a superannuation balance of $854,247 at 4.4% return or $2,030,272 at 7.7% return. Which balance would you rather have going into retirement?
The best time to think about your super is right now.
Please contact us if you want to review your superannuation fund or strategy. We can help you to find the best super plan to meet your individual needs.
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