Don’t Make This Common Superannuation Mistake and Lose $166,000

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Don’t let yourself be a victim of this common monetary blunder – it’ll set you back $166,000!

For many Australians, superannuation isn’t a pressing concern until they’re elderly and close to retiring. However, that view is only partially accurate.

For those with many years until retirement, it doesn’t take a lot of effort or focus to maintain your superannuation funds – but just a little bit can make an incredible difference.

As an Australian 30-year-old making an average income of $92,029 and possessing a super balance of $50,000, you could earn an additional $166,578 in your super fund by age 65 if returns varied just 1% annually.

That number may seem small, but it’s substantial. In 30 years, even a 1% variation in returns significantly impacts your retirement funds.

Unfortunately, the average 30-year-old needs to take advantage of this opportunity to build their super balance – they need to properly manage their money instead of leaving it in their default super fund, which is often an underperforming option.

“By leaving money in your default super fund, you’re missing out on the potential of higher returns and more income for retirement,” says financial advisor Jeffery Jones.

Don’t let yourself fall victim to this common mistake – take the time to build your superannuation fund and make sure you’re earning as much money in retirement as possible.

“The more time and effort you put into building your superannuation fund now, the more retirement income you’ll have when you’re ready to retire,” Jones adds.

Securing the perfect super fund will considerably affect your wealth accumulation over time, so selecting prudently has its rewards. Yet even after you’ve chosen a top-notch fund that is likely to generate good returns in the long run, regrettably, there’s still more to be done!

The superannuation industry is highly competitive and cost-effective in its rapidly changing environment. That’s why it’s essential to assess your account from time to time, even if you have already chosen what appears to be the best fund for yourself now because this might not continue being so in future.

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