π¦ΈπΎββοΈ super - not all heroes wear capes (but you can) | starter pack
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Why is it important to care about your superannuation?
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This podcast contains general financial advice only. Kate Campbell, welcome to this episode of the Australian Finance Podcast. It's good to be back, Owen. Yes, it is indeed. Today, we're talking super. We're going to do a crash course on what's changed, what do you need to know, and how do you get the most out of your super. Maybe to start things, what is super?
Yeah, so superannuation is the money that you're going to use to fund your retirement. And so you can't touch it at the moment. If you're in your 20s right now, it's going to be a long time before you can touch it. But it's that money that is going to bridge the gap after you finish working to support you during your retirement. And so There's a lot to learn about super, but if you do learn the basics, it's going to set you up for life. There's a few positive changes you can make with your super that will really set you up. And we'll talk about an example later on, but we'll also provide some updates since the last intro super episode we did at the start of 2019, because there have been a few really positive changes about super in the last few years.
Yeah, so we've seen the changes from the Royal Commission. We've seen changes to how you can compare your super, which is really handy. And for people under 25 as well, there are differences now from just a few years ago. For example, not automatically getting a bucket load of insurance against your name. So there is a lot to get through, but it's actually quite simple at the end of the day. If you just follow these simple steps that we're going to lay out here, you'll make the most of your super. And it is really important because for most people, by the time you reach retirement, this is probably going to be the biggest asset you'll have. At the moment, the current generation that is retiring have property as their biggest asset.
Superannuation will probably be the biggest asset that anyone has, whether you're in your 20s or your 30s. If you're a little bit older, obviously you might have built wealth outside super, but this is really important. We've done some other episodes on this, which we should refer people back to. So there are additional show notes. So go and check those out. We did an episode on how to read a PDS, for example.
And I think the thing we really want to stress is that your superannuation is actually your money. We can often forget it or feel a bit detached from our superannuation because it's automatically sent by our employer. each fortnight or each month to our super fund that maybe we chose, maybe we didn't. And so often we can forget that that money is actually money we earned and our money that we can actually choose.
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