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Episode 4 – Super Myths and Misconceptions

So today, I want to debunk some of the most common myths and misconceptions surrounding super.
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I get it, superannuation might not be the most exciting topic, but it’s so incredibly important.

And yet, it’s one of the most overlooked investment strategies.

So today, I want to debunk some of the most common myths and misconceptions surrounding super.

In our audience, we can spot two types of individuals: those who actively engage with their super fund and those who push it to the background without a second thought.

But here’s the deal: super is the second biggest asset you’ll ever own. It’s the source of your retirement fund, a way to save for your first home, and a platform to secure insurances.

I believe most people bury their heads in the sand when it comes to super because it can get confusing due to the never-ending list of rules and regulations. Others see it as something they don’t have to worry about because retirement seems so distant.

Just recently, I ran some super calculations for a client in her twenties. If she started investing just $20 per week into her super through salary sacrificing, she could accumulate an extra $300,000 by retirement. So, it’s crucial to realise that this investment is yours to take control of, yours to be involved in, and yours to make work for you.

In today’s episode, we’re going to tackle several myths surrounding superannuation, such as:

  • What if the Government takes my money or I lose everything?
  • I don’t have to worry about super; I’m too young
  • Superannuation is an investment in itself; I don’t have to do anything.
  • Investing money into super is too risky.
  • Super is only for the rich.
  • I looked at my super when it opened; I don’t need to look again.
  • I need a self-managed super fund; I don’t want to pay administration fees.
  • How do I find where my super is?

If you’re uncertain about your risk tolerance, I strongly recommend visiting the MoneySmart website and completing your risk profile. I also encourage you to check up on your superannuation fund and see if it’s on the nice or naughty list this year.

I can’t stress enough how crucial superannuation is and how important it is to actively manage it. If you still have questions or need guidance, please reach out to me here at JenRichardson.co.

Remember to prioritise your superannuation because, in the end, it will determine your quality of life in retirement. We’ve all put in the hard work, and we deserve the retirement we envision, not one dictated by financial constraints.

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