You could be forgiven for thinking Australia’s superannuation system is a mess. Depending who you talk to, fees are too high, super funds lack transparency and Governments of all political persuasions should stop tinkering.
Australians are living 10 years longer than we did 50 years ago and staying fit and active well into retirement. Expectations of retirement are higher, whether that be overseas travel, learning a new skill or spoiling the grandkids.
Compulsory superannuation has been around for 26 years, long enough to become a valuable source of retirement income. But even though the vast majority of us have money tucked away in a super account, it’s surprising how many myths and misconceptions there are about super.