05 Oct Why You Need Superannuation
You got to love conspiracy theorists!
It seems like nothing is ever what it seems and the government is lying to us about everything.
If you are part of this group of people that believes every square is actually a circle, then this article is not for you.
Because there is a lot of conspiracies in relation to super. The government wants to control your money, some say.
It is all a fee paying scam says others. Ultimately people use these “conspiracy theories” as an excuse to not invest or look after their super.
The key word in that sentence is ‘excuse’. That is all these conspiracy theories are in relation to super are simply excuses.
At best, an excuse is simply a lack of knowledge. At worst, it is a bad attitude.
But superannuation is here to stay. The government can no longer afford to fund our retirements and as a result they have passed this responsibility on to the individual.
That is why the super system has been created.
Super is not perfect. It is restrictive, complicated (at first) and has had a few rocky moments.
It is a new system which needed tweaking to get the balance between ‘saving for retirement’ and a ‘tax haven for the wealthy’.
But ultimately it will be your primary tool to build your retirement savings.
Because without superannuation, what are you going to retire on?
The Aged Pension? In my opinion this is the definition of financial insanity.
Your property portfolio? Perhaps not many people build this up.
Your share portfolio? Perhaps but share prices can be volatile in nature.
But even if you were thinking of relying on shares and property for your retirement, guess what superannuation is generally invested in?
Shares and property!
Ultimately superannuation is a tax structure which is invested in a broad range of investments, primarily shares, property, cash and term deposits.
Your employer puts in 9.5% of your salary into superannuation (or if you are self-employed you should be putting in 9.5% of your salary into superannuation) and it is invested in accordance to the investments you have selected.
Based on your contributions and the performance of your investments, this is how much you will be left with in retirement.
How much to contribute and what sort of investments you should put in varies from person to person.
That is where I would strongly recommend seeking advice from a financial planner at Master Your Money Now who can provide advice based on your personal situation.
But please remove your tin foil hat when discussing your super and retirement.
It is here to help you, but you have to put in some work to maximise your opportunities. Take the time to learn and invest in yourself and seek advice from those who deal with it on a regular basis.
If this is a topic that you would like to discuss in more detail, please go to www.MasterYourMoneyNow.com.au/getstarted to book in your complimentary 30 minute strategy session.
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Disclaimer: This information is general information only. You should consider the appropriateness of this information with regards to your objectives, financial situation and needs. Past performance does not guarantee future returns.
Chris Carlin is an Authorised Representative (No. 1235031 for financial services and No. 514748 for credit) and Master Your Money Now Pty Ltd ABN 65 627 229 681 is a Corporate Authorised Representative (No. 1265677 for financial services and No. 514747 for credit) of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523