Tip 2: Bring your super together
Put all your super in one place. Here are just a few benefits to consolidating your super:
Fewer fees
Changed jobs at some point in your career? You could have more than one super account, which means you could be paying multiple fees.
Simplify your super
Combining your super makes keeping track of your balance simple.
Manage money easier
When your super is in one place, it’s easier to manage and you may have more money when you stop working.
Before you make the decision to combine your super accounts into one, consider if it is right for you and weigh up the pros and cons, such as fees and insurance benefits. If you’re unsure, seek financial advice.
Tip 3: Strategies to grow your super
Your employer may already be contributing to your super account. But making additional contributions can be a quick and effective way to top up your super. Even small yet consistent extra contributions could make a difference down the track.
Here are a couple of options for making additional contributions to your super:
Salary sacrifice
You may be able to use your pre-tax salary to make additional contributions to your super fund.
Devan is 45 and recently had a pay rise of $5,000 – taking his total salary to $100,000 per year. He’s planning on retiring in 20 years, so he decides to use his $5,000 pay rise to make a pre-tax contribution to his super.
By adding $5,000 to super, it will be taxed at 15% ($750) rather than his marginal tax rate of 34.5%¹ ($1,725). This means that he will contribute an extra $975 to his super, for a total of $4,250.
Explore this super contributions optimiser and other contribution strategies to grow your super
Voluntary contributions
Adding to your super account by contributing a little more from your take-home pay can be a great way of growing your savings.
Jamie is 50 years old and has $50,000 of savings which she would like to invest for her retirement.
If Jamie contributes this money into super, any earnings will be taxed at only 15% in her super fund rather than a maximum of 47% (including Medicare levy) with other types of investments. By paying less tax Jamie can save more money toward her retirement goals.
In addition, voluntary contributions may be tax deductible, helping to potentially reduce Jamie’s personal income tax.
1Based on 2023/24 tax rates and includes 2% Medicare levy. This example is for illustrative only and are not a prediction or estimate of the actual contributions to be made.
Tip 4: Check how your super is invested
When was the last time you looked at how your super is invested? Choosing the right options at the right time could make your money work harder for you, and it’s simple to know how your super is invested by logging into your account. Find out more about your investment options.
Tip 5: Update your beneficiaries
Leaving your money in the right hands is an important matter that’s often overlooked. By nominating a beneficiary, you’re helping to ensure where your super will go to when you’re no longer here. There are two options for nominating a beneficiary:
Binding nominations
A valid binding nomination means we’re legally bound to pay out your super benefits according to your instructions.
Non-binding nominations
A non-binding nomination means the superannuation trustee is not legally bound to pay your death benefit according to your nomination instructions. However, the trustee will take into consideration these nominations when determining your beneficiaries.
Learn more
Already nominated a beneficiary?
Your circumstances or the important people in your life may have changed. So, it’s good practice to review your beneficiary nomination periodically to make sure it still reflects your situation today. Log in to check your beneficiary nominations.
Tip 6: Check your insurance in super
No matter where you are in life, insurance is an important part of protecting you and your family.
When you’re insured through your IOOF super fund you get:
Tax-effective premiums
Your insurance premiums come directly from your super balance, so you won’t see a difference in your take-home pay.
Competitive premiums
We have negotiated group discounts to get you better prices on your premiums.
We have you covered straight away
You may be eligible for insurance cover right away, so there’s no need for medical tests or to provide medical records (other conditions may apply).
Learn more or log in to see if you have insurance in your super.
You can also use our insurance cover calculator to see whether you have enough or what amount is right for you.