Description
This article emphasises the need to regularly review superannuation by asking a series of prompting questions. It provides a short case study.
Introduction
Picture this... when you were 21 years old your well-meaning but financially inept uncle put $1,000 into an ordinary bank account for you with instructions to leave it there and “let the bank’s interest turn it into a fortune”. You followed his directions only to discover 30 years later the balance of your ‘fortune’ was a paltry $6,023! What went wrong? Well, to put it frankly, you didn’t give it any attention.
This is a classic mistake that many Australians make when it comes to their superannuation.
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