You may have heard about Uber EATS delivering smashed avo to people around the country following a statement made by Bernard Salt in this article, which basically says that millennials can’t afford a house because they’re squandering their money on brunch.
Well here’s another newsflash: Millennials (apart from having phones glued to their faces and their ironic use of 90s paraphernalia) are the most educated generation going ‘round.
And it makes sense: information is literally a finger-tap away and how-tos are accessible via videos on your mobile device.
So they should have no worries settling down for a life of financial security, right? Right?
For a lot of young people, they’re wondering why they’d want to lock themselves in the same career for the long-term (like their parents and grandparents) just for the sake of a few dollar dollar bills they won’t even be able to access for at least 40 years.
Good point. Putting money away each payday into a superannuation account you can’t access for decades and knowing that retirement is getting further and further out of reach (thanks a lot, economy) might not be on the list of things you wanna think about. Instead, you’re probably planning your next overseas adventure or thinking about that smashed avo and coffee you’re going to treat yo’self with on Saturday.
But maybe you should be thinking about your super just a little: the unfortunate fact is that for Millennials, unless you invest in your financial future now, it’s becoming less likely you’ll be able to retire with the lifestyle you’ve become accustomed to (and giving up brunch is just not on the list of things I want to do).
There is good news, though!
We’ve got a few tips for making some small, gradual (yet effective) changes that will help you achieve your retirement lifestyle:
- Talk with your payroll officer about making personal super contributions (before or after tax) to your superannuation account,
- Depending on your income, the Government could match your super contributions by co-contributing up to $500 per financial year,
- An oldie but a goodie: consolidate your super. Having it sitting with different institutions means you could be paying more fees or it could get lost over the years, and
- Speak with a qualified professional! Financial advisers can help set you up and get you on the path of a retirement you want – sandy beaches, linen shirts and all!
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