There’s a lot of information out there about superannuation, but how do you know what applies to you? What’s relevant? Super can feel complex, but it doesn’t need to be. Building knowledge and confidence around super is one of the most effective ways to manage savings and improve the chances of retiring with financial security.
To help cut through the confusion, NGS Super have debunked three common myths about
super.
Myth 1: You don’t need to worry about super until later in life
Super is a long-term financial strategy that ideally begins early in your working life. When starting a job, individuals nominate a super fund to manage their contributions, which are paid by employers as part of their wage. Over time, these contributions grow not just through contributions but also through compound interest. So, the earlier someone engages with their super, the more opportunity there is to build a strong balance.
Consolidating multiple accounts into one can also help reduce fees and simplify management.
Myth 2: Super is something you can set and forget
While it’s possible to leave super untouched, doing so may mean missing out on opportunities to grow savings. Super funds typically invest contributions with the goal of generating returns, and most offer a range of investment options. If no choice is made, funds are usually placed in a default balanced option.
Understanding how super is invested—and making informed choices throughout different life stages—can influence long-term outcomes. Strategies like salary sacrifice and spousal contributions may also help improve financial positioning.
Myth 3: You can’t withdraw your super early
Accessing super before retirement age is generally restricted, but there are exceptions. When you are younger, schemes such as the First Home Super Saver Scheme allows access to any additional contributions made within the conditions of the scheme. And, in certain cases, individuals may be eligible for early release on compassionate grounds—such as needing funds for medical treatment or procedures. Applications and approvals are managed through the Australian Taxation Office (ATO).
Find out more about your super
Did you believe any of these myths? They’re common, and there are many more that are important to bust. The best way to ensure you have accurate information is to keep improving your financial literacy. NGS Super has a range of resources, including articles, webinars and socials, that you can access to keep you on the right track.
Want to chat to a person for guidance on navigating super?
NGS 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.
Disclaimer:
Investment returns are not guaranteed, and past performance is not always a guide to future performance. The information provided is general information only and does not take into account your personal objectives, financial situation or needs. Before acting on this information or making an investment decision, you should consider your personal circumstances and read our Product Disclosure Statement, Target Market Determinations and Financial Services Guide for more information. You should also consider obtaining financial, taxation and/or legal advice which is 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.
