We need to start contemplating on retirement from an early age
Unless you pay attention to this fantastic retirement vehicle while that day is still far off, you will give yourself a feeble chance of saving decently. Yes, it is welcome news that unlike our predecessors who became cautious rounding the bend of 55 years, we are starting to engage in retirement savings a lot earlier.
Are you throwing away money in sales commissions?
Isn’t it then important that we rack our brains a little and figure out all there is to know about fees and earnings? There are many of us with our Super investments parked in retail funds and we don’t even know what fees we are paying on them for years. Kind of sorry statement! Imagine: what if your fund is paying a sales commission that it shouldn’t in the first place? And you — because you do not peruse the annual statements — have always been in dark about such payments.
Banks beware! A law coming your way!
You must be aware what your default investment option is and then research whether it is rightfor you. If not, who bars you from choosing? While we talk about it, a heartening piece of news has come up; one that deters banks from setting up a default Super investment option for the employees in all the cases where they are the principal providers for the employees.
Remember, at all costs, that you have a choice to exercise and, unless you actively engage in finding out which fund is right for you, you will see a lot of useful money that could come your way going down the drain.
What investment module have you chosen to fund your retirement?