FINANCIAL AWARENESS

Why do most people fail to optimise their super?

It is generally due to a lack of awareness of the skills required for effective wealth creation.

The most common mistake people make is to ignore super and subsequently underachieve its potential by over 20%.

The amount of super you accumulate over your working life will impact directly on your lifestyle at the point of retirement. Even with this knowledge most people still fail to take the initiative to seek assistance with optimising their super from an appropriate source.

Have you made the mistake of ignoring your super?

INFORMED DECISIONS

The first step towards improving things is to assess your current situation and future potential from a financial point of view.

Optimising super requires informed decisions, made regularly, across four key areas:

  • Product Choice
  • Insurance Cover
  • Contribution Amounts (including salary sacrifice)
  • Investment Strategy (consistent with future market dynamics)

If you are not a finance professional, collating the know-how required for optimally managing your super asset can be challenging. Seeking assistance from an appropriate source can be beneficial.

Two things that determine your level of success in life are:

  • Seizing opportunities.
  • Avoiding common mistakes. 

These both require you to have access to appropriate information.

COSTLY MISTAKE

Another common (and often costly) mistake is assuming that your existing super fund will always be the most appropriate one for you. Change is constant, and whenever your circumstances change significantly (i.e. change of employer, salary, marital status etc.), a review of your super is advisable. 

Individuals who exercise choice and do not elect to join their employer’s corporate super plan, on review, may find they have mistakenly put themselves at a disadvantage. 

To optimise super, you must review your strategy regularly (this includes reviewing your existing super fund against available alternatives) and make changes as your circumstances and market conditions dictate.

Are you optimising your super?

HELP IS AVAILABLE

Your employer has engaged SuperWiser to offer services to help you better manage your finances and super as a wealth-creation asset.

Call 1800 467 467 to book your appointment.

Alternatively, request a Benefit Summary by emailing yoursuper@superwiser.com.au

This document was prepared and issued by Super Simpler Pty Ltd (ABN 74 150 240 421) a privately-owned company operating as a Corporate Authorised Representative (CAR No. 468 201) of AXIS Financial Group Pty Ltd (ABN 21 092 889 579, AFSL 233 680). The information contained within it is not advice. It provides general information only and does not take into account your individual objectives, financial situation or needs. You should assess whether the information is appropriate for you and consider talking with your financial adviser before making an investment decision. Information in this publication, which is taken from sources other than Super Simpler, is believed to be accurate. However, subject to any contrary provision in any applicable law, neither Super Simpler, nor its employees and directors, provide any warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it.