3 super myths debunked
Written by NGS Super
There’s a lot of information out there about super, but how do you know what applies to you? What information is relevant? Super can be complex, but we believe it doesn’t need to be. Improving your knowledge and understanding of super is always going to be one of the best ways to effectively manage your savings and maximise your retirement savings.
To get you started, we debunk 3 common myths about super and get you on the path to planning for your big tomorrow.
Myth 1: You don't need to worry about super until later in life
Super is a long-term plan that ideally begins well before you even think about retiring. When you start working, you will nominate a super fund to manage your money. Your employer will pay your super contributions into your super account as part of your salary. Over time, those contributions can grow with the benefit of compound interest. The more time you have to grow your super balance, the better. Paying attention to your super early on in your life will likely put you in the best position financially later in life.
Ideally, you also want to ensure you only have one super account so that you are only paying one set of fees, and your account will be easier to manage. This is called consolidating your super.
Myth 2: Super is something you can set and forget
Of course, you can leave your super sitting in an account and hope for the best - your super fund will invest your super savings with the aim of making you more money. But, did you know, most funds let you choose the investment option(s) your money is invested in, and most will also have a default option that you get invested in if you don’t make a choice. This means you can play an important role in how your savings are managed and, ultimately, how much money you end up with when you retire.
On top of that, there are various strategies and schemes that you can take advantage of to keep improving your super and/or financial position, such as salary sacrificing and other opportunities, including the First Home Super Saver Scheme.
Myth 3: You can't withdraw your super early (compassionate grounds)
While there are very limited circumstances when you can access your superannuation before retirement age, there are some cases where you may be able to on compassionate grounds. Compassionate grounds include needing money to pay for medical treatment or a medical procedure. Applying for compassionate release of superannuation and any approvals happen through the Australian Taxation Office (ATO).
Find out more about your super
Did you believe any of these myths? Don’t worry – you're not alone! The best way to ensure you have accurate information is to keep improving your financial literacy.
At NGS, we have a range of resources, including articles, webinars and socials, that you can access to keep you on the right track.
It's also a good idea to book a complimentary chat with an NGS Super Specialist. Our Super Specialists are here to help. They can answer your questions about superannuation and clear up any questions you may have.
Book your complimentary chat with a Super Specialist
We believe that everyone deserves to be financially fit, which is why we’re proud to be the Knowledge Centre sponsor at the National Education Summit in Brisbane!
Join Super Specialist Brett Hawkins, for the opening education session “Top of the class - learn how to ace your super”- where he will share tips and insights to boosting your super on Thursday 31 July at 9:15-9:45am in the Knowledge Centre.
We will also be running 5-minute express education sessions on our stand C08 throughout NEC2025. These power sessions will cover specific superannuation topics such as:
Heading toward retirement? - The ABCs you need to know.
Contributions - What are they?
Are you on track for retirement? Try the NGS Super calculator.
The NGS stand will host three Super Specialists on hand to help with any extra questions or help you might need when it comes to superannuation. No question is a silly question!
Brett has over 30 years’ experience in the finance industry and 17 years as a comprehensive Financial Planner. He has a proven ability to engage with individuals and groups to meet their financial needs. Brett enjoys sharing super information in an easy-to-understand way while making it super fun and something to get excited about.
Connect with Brett ahead of the conference.
This is general information only and does not take into account your objectives, financial situation or needs. Before acting on this information, or making an investment decision, consider whether it is appropriate to you and read our Product Disclosure Statements and Target Market Determinations. You should also consider obtaining financial, taxation and/or legal advice tailored to your personal circumstances before making a decision. This information has been issued by NGS Super Pty Ltd ABN 46 003 491 487 as trustee of NGS Super ABN 73 549 180 515, RSE Licence L0000567 and AFSL 233 154.
Call us on 1300 133 177 if you would like to speak with us further, or you can discuss matters with one of our NGS Super Specialists, or an NGS Financial Planner.