In my close to 10 years with RecruitWest I have always recommended to new employees to be smart about their super. Sure, retirement seems like a long way away when you’re 21 years old starting out in the working world, but a few simple steps will ensure you have that account ticking over rather than a mess of accounts with small balances being eaten away by monthly fees.
The fact that $18.8 billion dollars in lost superannuation is an amazing number – do you know for sure that none of it is yours?
You would be surprised how many new employees of RecruitWest choose our default fund in their 40’s and 50’s rather than providing to us their membership details of a well-established super account that is building nicely for them to one day put their feet up.
As will a great deal of the finance world it can be a complicated maze, but I think everyone can take these 5 steps on board and apply it to their own super situation.
http://www3.colonialfirststate.com.au/resources/super/Fivecommonmistakesandhowtoavoidthem.html
Once you’ve got these in hand, you’re hopefully well on your way to setting up that retirement lifestyle you deserve.
One of my favourite quotes can be applied to Superannuation – “By failing to prepare, you are preparing to fail” (Benjamin Franklin)
By Jonno Seen
Operations Manager