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Money tip #11 – superannuation

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For many Australians, superannuation is just that portion of income tucked away by an employer before you can get your hot little hands on it. But for the financially savvy, it should be seen as much more – you should value it as one of your most important assets.

With super, it can be really smart to do some homework, ask questions, talk to the experts as well as establish some goals and create a plan to achieve them.

As Jeff Bresnahan of SuperRatings says, “Had two people invested the same amount in the best and worst balanced funds 10 years ago, the difference in their current benefit would be 68 per cent!” That’s a big cost to your nest egg for not giving super the thought it deserves!

To put this in context or money terms. If your super fund 10 years ago was $1 million by being in the worst fund, you could be down $680,000! Even if you had $250,000 in your fund, then the potential loss would be $170,000.

So, the best thing to do once you realise the true value of super is to look at your options, either by doing the research yourself or consulting a financial planner. By thinking about it now, you’ll set yourself up for bounties in the future.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Monday, December 05, 2011

The Switzer Super Report is a newsletter and website for self managed super funds. With exclusive commentary from Peter Switzer, Roger Montgomery, Paul Rickard and Charlie Aitken the Switzer Super Report will help you maximise your after tax investment returns and grow your DIY Super. Click here for a free trial or subscribe today.

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