5 reasons your super should be your valentine
14 February 2020
Can you put a price on love?
At this time of year, many of us are likely to splurge for our sweeties as a token of romantic appreciation. A survey from ME Bank found that 47% of Australian women would spend up to $50 on their beloved for Valentine’s Day, and 31% of men would spend between $51 and $100 on the holiday.
Of course, it’s the thought that counts. Love is not a transaction, and the affection you receive from your partner is not granted in exchange for fancy presents or an outlay of cash. This year, tell your partner that money can’t buy you love. Save the spending for your second valentine: your super.
We admit it. Your super does mostly just care about money, but once you get past that, you’ll see that your super is an ideal holiday companion. Here’s why.
1) Your super is stable and reliable.
Other investment schemes can feel like a real wild ride. Handing over cash to be one of the first investors on a promising start-up can feel like a huge rush at first, but can you handle the hairpin turns, the pivots and careens, or the all-out flame-up that could result from a risky financial move like that?
Cherish your super early in life and you’ll have a dependable partner who’s in it for the long haul.
Your super is intended to be a vehicle for saving and investing in your future retirement, and you can have a say in how those funds are invested. Importantly, as you continue to work, you’ll add more cash into the account while also slowly racking up returns on your investment. You can assume a little more risk if you’re comfortable with that, but the overall goal is to have a steady build-up to create a reliable nest egg that grows over time.
This is the kind of valentine you can count on. It’s a partner who will be there for you.
2) Your super shares your values.
You and your partner should have more in common than your favourite shows, movies, or ice cream flavours. A true soulmate cares deeply about the causes that stir your being, activate your imagination and drive you to action.
In other words, your valentine should share your values, and your super certainly can.
When you opt for a super that invests sustainably, you’re making a conscientious decision to grow your savings in a way that is responsible, ethical and aligned with your deep-seated beliefs.
This requires active participation on your part. Just like potential dates, different supers cozy up to different industries. If you have no trouble kissing a smoker, maybe investing in the tobacco industry is fine for you, but the rest of us might be looking for someone who recycles, and for a super fund that does the same.
3) You and your super support each other.
The best relationships are partnerships, right?
Well, you and your super are totally a team.
Your super isn’t some magical knight who rides in on horseback to greet you in your golden years and shower you with presents. You work together throughout your employment years so that you slowly build toward the retirement you both want.
Your super is funded, at least partially, through a portion of your salary known as the Superannuation Guarantee. Your employer pays this portion of your salary into your qualifying super fund before taxes are removed. You can also sacrifice a portion of your salary into your super for additional pre-tax contributions. If you have some extra change, you can add to the fund post-tax, too.
As you pay into your super throughout your working life, your savings will grow, and you will accumulate returns on your investment over time.
If you choose your super to be your valentine, you can be sure they’re thinking about a shared future with you.
4) You always know where you stand with your super.
This one might be unique to super funds, as compared to potential human mates: Your super will never ghost you.
There’s no guessing here. Do I still have super? Is it thinking about leaving me tomorrow to go back to another responsible investor? Nope.
What’s truly remarkable about this is that your super will still be there for you even if you completely forget about it. The money will stay there and accrue interest as it’s been doing until you roll it over or tap into it during retirement.
However, if you do move from one job to another, you should probably consolidate your funds to avoid paying multiple sets of fees on your super.
5) You and your super will grow together.
Here’s a thought experiment: Think back to your very first crush. Now imagine the same person, and picture what their life looks like today. When you were teeming with puppy love, did you have any notion about where they’d end up, or where you’d end up?
You’re going to continue to grow throughout the rest of your life, and the best valentine is somebody you can imagine growing in a way that complements you. That’s another point for your super.
Someday, when you’re retired and travelling the world, no matter who your human companion is, your super will be there, too.
It’s not just for individuals either. Super is growing with the whole country. According to a report from the Association of Superannuation Funds of Australia Limited, the number of self-funded retirees will rise from 22% in 2000 to 43% in 2023.
Are you sold? Learn more about how superannuation works to start wooing your fund today.
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