You should review its performance and you should be looking at strategies to protect your accumulated capital to be certain you’ll have enough money to enjoy your retirement. Your future well-being is too important to simply take a hands-off approach. If you don’t know what your Super is doing, what fees you are paying or at what rate it is accumulating or, worse, if you don’t even know who your Superfund is, then you definitely need to get some help quickly! Your Super could be going backwards, you could be losing money or, when you factor in inflation, your hard-earned money could just be stagnating.
Could you survive on an Aged Pension?
It is much better to be self-reliant in retirement and not dependent on the Government. The Government is only interested in governing, not your financial well-being now or into the future.
Some questions you need to ask are:
Do you want to, or can you afford to work, another 10 to 15 years if you lose 15 to 20% of your accumulated capital, your savings and the wages you have sacrificed all of these years?
Superannuation is the most tax effective investment (within limits) that we have in Australia. Superannuation however has consistently had a legislative risk attached to it. The Federal government consistently likes to tinker around the edges.In order to avoid too much exposure to this legislative risk, it is wise to look at all types of strategies.
The power of compounded earnings and time can assist you in accumulating a comfortable amount of Superannuation. Investing in the wrong Super fund is a sure-fire way to have a miserable old-age.