10 super myths - busted

Superannuation isn’t meant to be mysterious — but somewhere between the jargon and the constant rule changes, it’s become one of the most misunderstood parts of our financial lives. 

Let’s cut through the noise. These are the myths that hold people back from building confidence, growing their balance and using super as the powerful wealth tool it really is. 

Reality: For most people, it’s not. Super is simply a tax-friendly way to save and invest for your future. You put money in, it’s invested and grows over time, and you access it when you retire. That’s it. 

Yes, there are limits and rules – but most of the time, super is simpler than it sounds. 

Why it matters: The more you understand it, the more confident you’ll feel taking small steps that make a big difference later. 

Reality: Nope. They’re not. While all funds follow the same laws, the way they invest, their fees, insurance, and support services can vary a lot. 

Some funds (like Verve Super) offer ethical, sustainableor climate-aligned options. Some funds offer extra services and advice, others don’t. 

At Verve we provide services that look after every part of our members’ wellbeing – from coaching and financial advice to wellness, menopause and mental health with 360Health - supporting more than just your retirement balance. 

What to do: Make the most of your Verve membership. If you’re comparing super funds, look beyond just performance, and choose one that transparently aligns with your personal values and supports your whole financial journey.  

Reality: You can. Whether you’re on parental leave, between jobs, or taking a break, you can still top up your super. 

You can also contribute to your partner’s super or use government initiatives like the Downsizer Contribution (for those 55+ selling their home). 

For those 75 or older, there are different rules – so do seek advice and support. 

Why it matters: Small, regular contributions during career breaks can help protect your future balance – especially for women, who often miss out due to time out of the workforce for unpaid care.  

Reality: Not true. You don’t need a big salary to benefit. Even small, consistent contributions can reduce your tax and grow your super over time. In fact, higher earners (over $250,000) are more  limited because employer contributions can quickly hit annual caps.  

You can contribute up to $30,000 a year before tax (including employer payments). This money is usually taxed at just 15% – less than most people’s income tax rate. 

Action: Start small. Even $20 a week adds up over time, thanks to compound growth. Talk to your payroll team to set it up.  

Reality: The research says otherwise. According to the Responsible Investment Association of Australia, responsible investment funds perform just as well – or better – than conventional funds.   

Ethical Sustainable investing isn’t about giving things up – it’s about avoiding risky industries and backing companies with long-term sustainability. 

Why it matters: Choosing a sustainable n ethical fund like Verve Super means your money can support your future and a fairer, cleaner world – without compromising on growing your super.. 

Reality: Super is about more than retirement. It can also help you protect you and your loved ones today.  

Many super accounts include insurance (like life, TPD, or income protection). You can also access super in severe hardship or use it to save for your first home through the First Home Super Saver Scheme.  

At Verve, we also offer services like coaching, advice and our 360Health program to support your full financial wellbeing.  

Action: Think of your super as part of your broader financial life – not just something for ‘later’. 

Reality: You can. Every contribution – even a small one – earns returns. And those returns earn returns too! That’s the power of compounding. 

By consolidating your super accounts, checking your investment mix, or adding a little extra when you can, you build a balance that really works for you.   

Why it matters: Around half of your final super balance can come from investment earnings, not just what you’ve put in. 

Reality: That move can backfire. Markets naturally rise and fall, and super is a long-term investment designed to ride the ups and downs. 

Switching to cash during a downturn can lock in losses and mean missing out when markets recover. Staying invested, or speaking with a coach before making big changes, is the smarter move. 

Action: Keep your eyes on the long term. If you’re unsure, talk to a Verve coach rather than reacting to headlines. 

Reality: There’s no magic number. The right amount depends on your lifestyle, whether you own a home and your day-to-day expenses. 

According to the Association of Super Funds of Australia (ASFA), a comfortable retirement for a couple is around $690,000 and $595,000 for a single person – not $1 million. 

What to do: Use a retirement calculator or speak to a Verve coach to get a clear idea on what “enough” looks like for you. 

Reality: Not necessarily. Your insurance needs depend on your life – including your age, dependents, debts, and work situation.  

If your balance is low or you’ve changed jobs, you might not have cover at all. Or it might not be enough, leaving your family short if something unexpected happens. 

Action: Log in and check your insurance. Adjust if needed and if you’re not sure what’s right, chat to a Verve coach. 

Super doesn’t have to be complex or out of reach. Once you know the facts, you can take small, confident steps – checking your fund, consolidating accounts, adding contributions or changing your investment mix. Every action helps you build toward a stronger, fairer, more secure future – for yourself and for the sisterhood. 

Ready to take action? Log in to your Verve account, review your investment mix, or connect with a Verve financial coach today.