Take time to manage your super – it could mean the difference between a modest retirement and the one you really deserve
Manage your super in five steps
There are five simple steps you can take to manage your super, and taking the time to complete them could be the best investment you ever make.
Consolidate your super funds
If you have more than one super fund, you may be paying extra fees and charges.
Why not transfer them all into one account, so you can easily keep track of your super balance and minimise your fees and charges.
Make extra contributions
Super is a tax effective way to help you save for retirement. You can boost your super savings by contributing more of your own money to super. The earlier you start, the better off you could be in retirement.
There are a number of different ways to grow your super. You could:
- set up a salary sacrifice arrangement with your employer
- contribute some of your take home, or after-tax, salary
- take advantage of Government co-contributions.
Learn more about contributing extra to super
Review your investment & insurance arrangements
Your investment choices inside super can make a big impact on your balance in the years ahead. So make sure you know what options you’re invested in and consider if they are going to help you reach your retirement goals and are in line with your personal risk tolerance levels.
Learn more about setting investment goals
It’s also important to review your insurance arrangements regularly to ensure you have the right amount of cover for your needs. If you have too little cover, you or your family could suffer financial distress in a time of need. If your cover is too high, your premiums may erode your super balance reducing the amount of money you’ll have in retirement.
Learn more about how to choose the right cover
You have worked hard for you super. So make sure, in the unlikely event of your passing that your hard-earned dollars go to those of your choosing.
Making a valid binding death benefit nomination is the only way to be sure the death benefits are paid direct to your preferred beneficiary(ies) and in the proportions you want.
Learn more about nominating beneficiaries
Keep an eye on it
Nowadays, most super funds give members online access to their accounts. This makes it even easier for you to keep a close on your super. You can get the latest information on your super balance, update your details, and review your investments together with any other arrangements you have in place, like insurance.
So give your super a bit of attention every once in a while. It could make a big difference by the time you retire.