For people in their 30's and 40's, it can be a busy time working to pay mortgages, support growing families and trying to squeeze in a holiday here and there. There's not much time to think about superannuation, but what most people don't realise is that superannuation can be one of their largest financial assets.

Working in the financial services industry, I get to have a sort of "hindsight" when it comes to seeing the impact that small decisions made early can make, and the impact when you finally retire can be significant. Being able to pull up stumps and retire on your terms is a gift that the 'future you' will be thanking the 'present you' for.

There are some serious advantages to getting to know your superannuation now. You don't need to understand all the nitty gritty of superannuation legislation or contribution caps. Just a few small things can make a big difference to your financial position later in life.

Ask yourself these questions

How much do I know about my super?

Do you have more than one super fund? Paying fees on more than one super fund can have a significant impact on your potential savings.

How are my funds invested?

What sectors are you exposed to? Is your asset allocation appropriate for your stage of life? Are you just in a default fund, and what does that even mean?

How much am I paying in fees?

Are you paying for features you don't need? Something as small as reducing fees for unnecessary features can compound and add tens of thousands of dollars to your balance.

Otherwise, adding just $10 per week to your superannuation can greatly bolster your final balance.

Assuming you have a current super balance of $100,000 invested in a Balanced Fund, the comparative balance in 30 years time is as follows:

As you can see, making some small changes now could mean the difference between having the power to stop working when you choose, or having to continue working until you can finally afford to stop.

More information

If you would like some advice or assistance with anything discussed in this article, please don't hesitate to get in touch with me on (07) 5449 9511 or by email at [email protected]

Disclaimer: This blog represents my opinion only and is not a formal opinion of Morgans Financial Limited ABN 49 010 669 726 AFSL 235410.

The blog does not constitute advice in any form and the information is general in nature. No consideration has been given to your personal needs, objectives or circumstances. If you would like more information or advice, please contact Nicole.

Nicole Angelucci is an Authorised Representative of Morgans Financial Limited, Authorised Representative number: 001255163.

Disclaimer: The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents (“Morgans”) do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.

News & Insights

Your Wealth is a half-yearly publication produced by Morgans, that delves into key insights for Wealth Management. This latest publication will cover understanding the benefits of a CarePlus annuity for aged care, the proposed Div296 tax, world recession, super and tax next financial and expectations on how illiquid assets in SMSFs are valued.
Read full article
From a Wealth Management perspective, this Budget is a non-event. Any significant announcements have already been made, particularly in relation to taxation and superannuation. Feedback to the government from Industry and Associations has largely been ignored. Nothing to see here.
Read full article
Now is the time to start thinking about wealth preservation. You’ve worked hard, so it’s time to reap the rewards.
Read full article

News & Insights

For people in their 30's and 40's, it can be a busy time working to pay mortgages, support growing families and trying to squeeze in a holiday here and there.
Find out more