How to boost your confidence in super

For many of us, money is a taboo topic. We rarely talk about it with friends, or family and it can make some people uncomfortable. However, while anything remains a secret it is impossible to understand the impact it has on our lives.

It’s time to focus on your super. Log in to your account to find out:

1. How much you have today
2. How much you’ll have by the time you retire
3. How much you’re paying in fees
4. What your current investment option is

Once you have gathered the figures, it’s time to understand what they mean.

• Based on your predicted super, what could your lifestyle look like? Look up the figures available about how much super you need to afford a comfortable lifestyle.
• Will your super be enough for the lifestyle you want? Use this calculator to work out what your annual income from your super will be once you retire.

In this step, set aside any ideas you might have about making changes like extra contributions or different investment options. You want a clear picture of where you are now.

Before you make any decisions, you need to re-set your mindset around both super and your ability to control your financial future.

The government set up super as a favourable tax environment almost 20 years ago, to provide more support in retirement than would otherwise be available through the aged pension. It’s a tax and savings strategy that is available to everyone. Plus, it’s structured around the idea of small, incremental payments generating an amount far greater than the sum of the contributions. The power of compound interest over time means that the sooner you embrace the potential upsides of super, the greater the potential you have to change your retirement outlook.

Every person has the ability to change their financial future through the changes they make today. Many people who have money today may not be able to afford the retirement they want, simply because they haven’t explored their investment options or established a strategy to build long-term wealth.

External factors like cost of living, inflation, the US economy and regulatory changes make it difficult to prepare for retirement. This view doesn’t take into account that the most stable wealth-building options look at investing long-term over a lifetime of work.

Focusing on what you can change today, instead of what you can’t control now and in the future, is a sure-fire way to boost your confidence. This can include: updating your contact details, rolling over your super into a single fund, making additional super contributions, choosing another investment option, or reviewing your current insurance.