When the topic of superannuation comes up in a conversation usually one of the two following events occur, either a blank look comes over the face as if a question has been asked in Japanese. Or, the eyes glaze over as if to say please don’t start talking about that thing where the government takes my hard earned money away from me each week.
Like most things we don’t understand, it is easier just to avoid them. Unfortunately, this is the case with regards to superannuation. This usually lands up in the too hard basket.
Here are a few of the common responses that we get in regards to superannuation:
“It’s not really my money”
“Yes, I know I should pay attention but I will worry about it later”
“Why would I put money into something that I can’t touch until much later, when I could spend it now?”
“Super is just a bank account that my boss pays money into each week”
“Super isn’t important, the government will support me when I am older”
“It is just another way for the government to tax more money from you”
Contrary to popular belief, the money you have in your superannuation account (or multi accounts) is yours and it is important.
The balance that accumulates in your superannuation account is likely to be one of, if not the largest, asset that you will ever own.
There are obviously some rules about superannuation.
Nevertheless, it’s your money – just like your money in a bank account. It’s yours, not the governments, so start paying attention to it.
This was originally shared in More Time Financial Weekly Newsletter, if you would like to receive this in your inbox each week please subscribe here.
