The Courier-Mail



IF you manage your superannua­tion properly it will set you up for a comfortabl­e retirement and Gen Y has the most to gain. So here are some important super things to know.

It’s amazing how many people will make blanket statements like: “superannua­tion has performed badly this year.” Umm – hello?

Superannua­tion is just a tax structure in the same way as a company is a tax structure or you are a tax structure. It’s what you invest in within that tax structure that does well or badly. You can have all your super funds in cash if you want, or in Australian shares, or in property. It’s your choice.

If you take an active interest in your superannua­tion fund you could potentiall­y end up with a lot more money at retirement. A University of Melbourne study last year, analysing the knowledge and attitudes of 994 Gen Y workers, concluded that young adults are unengaged by and uninterest­ed in superannua­tion or retirement planning. Only one-third even read their superannua­tion statements! C’mon guys – that’s your money!

The fees you pay on your super fund over time can make a massive difference to your retirement savings.’s recent research of 74 superannua­tion funds found there’s a big difference between fees for the highest, lowest and average.

Given the effort we put into saving a few dollars on food or petrol, it’s worth checking your super options as well. Justine Davies is finance editor of financial research and comparison firm

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