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Five Steps to Getting your Super Sorted

Here are some practical suggestions from the Association of Superannuation Funds of Australia.

1. Get to know your super.

The better you get to know your super, the more comfortable you will be making decisions about it. Spend a few minutes finding out how to access your account and checking your balance to see if you are on track when it comes to saving for the lifestyle you want in retirement.

2. Track down lost or unclaimed super.

Use the Australian Tax Office’s SuperSeeker tool to track down your lost or unclaimed super, and transfer it into your active account. See Super Guru's - finding your lost super page to find out more.

3. Check the options within your fund.

This means checking your insurance and investment options, to make sure they are the right fit for your individual circumstances. When it comes to insurance, make sure you have the right type, and enough to cover your financial needs if something unforseen was to happen. The investment choice you make can also have a big impact on your final superannuation balance, so talk to your fund about the different options available and then choose one that is the most suitable for you.

4. Consolidate your accounts.

The more superannuation accounts you have, the more you will pay in fees. You might also be paying for insurance you don’t need, or can’t claim on. Over time this can put a massive dent in your super savings. Consolidating and moving this money into one account can, over time, save you thousands of dollars. See Super Guru's - consolidating your super page to find out more.

5. Plan to save more.

Figure out how much money you will need, and work out how much you can afford to put away now, for the lifestyle you want in retirement in the future. See Super Guru's - small change, big savings tool to find out how much you can save.

The Super Guru website has lots more handy tips, tools and calculators to help you get the most out of your super.


'This article originally appeared on the My Life Change website and has been reproduced with permission from Paul McKeon of Baby Boomers Life Change Pty Ltd'

 

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