A lot of people are under the impression that they have no investments, but inside your superannuation portfolio, everyone is invested in property, shares, term deposits and more.
A common misconception is that superannuation funds are one-size-fits-all and that you get one off-the-shelf and ‘it is what it is’.
The reality, however, is there are a plethora of different investment options available for everyone inside their own existing funds – let alone other funds.
It’s a matter of setting up your fund so that you can maximize your retirement benefit for when you need it.
Putting aside small amounts all the way through your working life is generally much easier than trying to put a lot away in the last 10 years, but everyone is different and we are careful to tailor client’s contributions to best suit their financial goals and objectives.
We always ensure our clients know what the investment philosophy is for their retirement fund. It’s important to be well informed and a good test is whether you could explain the philosophy of your fund to someone else if they ever asked.
If you think you haven’t paid enough attention to your superannuation over the years, take some comfort knowing that you are not alone. It is one of the most overlooked and disregarded possessions people have.
Particularly relevant to the current generation is the location and consolidation of multiple superannuation accounts. You might have had a job at school, then at university and might have had 2,3 or 4 full-time jobs since. Unless you’ve been diligent along the way, you probably have multiple accounts and are paying multiple sets of fees.
For more on planning for your retirement, please click here.