In the back of your mind you know super is important, but there are always more pressing demands (or pleasures!), or you just put it in the ‘too hard’ basket. Not ideal. When it comes to super the decisions you make today have a big impact over time. The sooner you give it some love and attention the better.
Let’s consider the numbers the Productivity Commission crunched in 2018 when it reviewed Australia’s superannuation system. They found:
/ One third of super accounts are unintended multiple accounts. That’s about 10 million unnecessary accounts! Having multiple accounts erodes members’ super balances by a whopping $2.6 billion a year in unnecessary fees and insurance. That’s $2.6 billion that could be funding better lifestyles in retirement.
Do you have more than one super account for no reason? It could cost you $51,000 by retirement.
/ Not everyone gets value out of insurance in super. Many see their retirement balances eroded — often by over $50 000 — by duplicate or unsuitable policies.
Saddled with the wrong life insurance policy? It could trim your savings by $85,000.
/ Fees are a drain on net returns
Are your retirement dollars in a high-fee fund? That could shrink your nest egg by about $100,000.
Scary right? When you think about your super like this, looking for a discount code on Adore Beauty and getting that Tim Tam in your delivery seems a bit low impact.
So why do we seek out small savings in our everyday purchases when something as simple as switching your super to a low fee fund could be, well, literally life changing!
Small changes to your super today can have a massive impact on your future.
Why? Well, it comes down to two things:
1 / It’s a long term game. More like marriage than dating.
Most Aussies start investing into their super savings early in life when they get their first job. You might take time out from work for things like study, travel (although sadly not so much these days), side hustles and babies, which leaves you with a gap in super contributions. But there’s usually at least four decades where that money is working hard, growing for your future.
It’s all about compounding baby! That means you earn investment returns on top of the money you put in yourself. Please sir, can I have some more?
Real talk version? The more you have in super early on, the greater the benefits later on.
That’s why the amount you’re paying in fees is so important. It could be as little as 0.06% or as much as 2.4%. It all adds up… and sometimes not in a good way!
2 / Superannuation products, prices and performance vary wildly.
And it’s not easy for the average person to navigate the differences. There are more than 500 super funds out there so how would you know what to choose?! Unfortunately, it’s all too common to make like an ostrich and stick your head in the sand because getting it sorted is just too hard. Ahhhh, life admin – we’ve all been there!
Honestly, it’s pretty hard for most of us. Professionals included. It’s why Super Fierce has created a big, powerful algorithm to do the heavy lifting. All the comparisons, all the numbers. All the boring stuff. We run an average of 1,540 calculations in the background for every customer. Yep, that’s a whole lot of admin we take off your hands.
Super Fierce is better than a mid-week pub special!
What if someone told you that you could save yourself tens of thousands of dollars, in a matter of minutes? Would you be into it? Would you believe them? Even if you were sceptical, you’d probably at least check it out.
Of course you would! Well, if you’re like us you would, because we’ll happily trek across town for a warehouse sale, or whiz to the pub next suburb over for their ‘Schnitty with a free beer’ night.
But wait… even though we’re comparing ourselves to a pub special we’re actually super serious. There’s no trick. In just a few minutes you can give us all the info we need. Then we use that shiny algorithm of ours to see if we can save you on fees. And unlike the trip to the pub, there’s no carb-loading to worry about either!
All you need to do is fill out a quick digital form and we do the rest. We’ll give you a personalised Super Savings Report to show you how much you’re on track to retire with and how much you could save by choosing a lower-cost option. If having your super in an ethical and sustainable fund is important to you, we show you that option too.
Your comprehensive, beautiful, customised report is free. And even better… it’s easy to navigate and understand! You get to keep your report and only pay us if you want us to do the work to switch your super. Want more good news? The less you have in super and the less we can save you, the less you pay… all the way down to zero.
And the cherry on top? When we help our customers make the switch $100 of our fee goes to help a woman in need, through our sister-NFP, Fierce Impact.
So, if this is the year, month, week or day you want to get serious about your super, we’ll make it easy. Remember it’s a small change with big gains. This is your moment to get Fierce. Get it off your life admin list. Get started.
Compare your superannuation by requesting a FREE Super Savings Report.