Why don’t people have FOMO when it comes to super?

FOMO is fear of missing out, in case you didn’t get the memo! When it comes to super, people don’t get this strong sense of ‘I need this product’ because it’s far enough into the future that your focus is elsewhere. People tend to get more interested in their super account as they get older and closer to getting their hands on it – but until then, there’s generally not a strong level of interest. 

Why don’t we fear missing out, or get more involved with, our super?  

Thinking in the ‘here and now’

We’ve all got competing priorities when it comes to our money and where and how to spend it wisely, or unwisely in some cases! Often, super (and retirement) seems so far away, so the more pressing financial commitments and debts take priority, followed by entertainment, holidays, eating out, movies – they all win over super 9 times out of 10. 

It’s this here and now thinking that prevents us from taking an interest in super. But even just a small contribution now, such as what you would spend on coffee each week saved in your super, would make a huge difference for your future income. But somehow, there’s no FOMO when it comes to super.

False sense of security

There’s this assumption that the Government, or the Age Pension more specifically, will provide you with income in retirement. But think again! It’s a false sense of security. 

There are various eligibility hurdles to qualify for an age pension, and generally, all assets excluding your family home will come under scrutiny. 

Even if you do qualify, the Age Pension is more like ‘bare bones’ income and it’s likely to only just get you by - you can forget any grand plans for the future on that income. The Age Pension can come in handy as additional income to a pension if you qualify, but it’s not the ticket for the future. 

Get real with your super

Unless you’re a business or property mogul, super is likely to be your largest asset and your main source of income in the future. If you want to have a comfortable (or excessive!) lifestyle in retirement – you need to get real with your super or you will miss out, in a big way.

Have some FOMO with your super, and make sure you’re set up for down the track.

There are a few no-brainers to get you started:

  • Combine all your super in one account – you will save on fees
  • Choose an investment strategy that lines up to your financial goals - so your super grows in line with your expectations 
  • Contribute a little extra today for a larger haul in the future
  • Get financial advice early on, it’s an investment in your future

We’ve developed a website with three easy steps to get your super sorted, especially when you’re starting out, jump online and check it out at www.yoursupersorted.com.au

We’re here to help, call us on 1800 757 607 and we can assist with these strategies to help you make the most of your super.


Disclaimer:
The information on this page has been issued by Maritime Financial Services Pty Limited (MFS). It contains general information that doesn’t take into account your individual objectives, financial situation or needs. It’s important to consider how appropriate this general information is in relation to your situation before making an investment decision. We recommend that you seek financial advice before making any decisions regarding your super or investments. The information on this page is current at the time of publishing.

 
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