Grow your super with these five tips
Grow your super
1. Know where your super is being paid
Most of us have a super account. But not everyone knows where their super is being paid. If you’re unsure, it’s easy to find out. Just ask your employer or check your payslip.
Once you find out, call your super fund, and register for online access. That way you can track how much super you have. You’ll also be able to see how you are progressing towards your retirement goals.
There are a number of ways to figure out how much income you’ll need when you finish working. Check out the MoneySmart superannuation calculator and start planning.
2. Check if you have multiple super accounts
If you have had more than one job, you could have more than one super account.
Consolidating your funds into the one super account can help to grow your super by minimising the fees you are paying. Over time, this adds up! Just make sure that before you consolidate, you check how the transfer may impact your current benefits such as insurance cover.
If you’re unsure how many accounts you have or need help combining them, our article on consolidating your super can help you.
3. Keep the one super fund when you change jobs
When you change jobs, it’s tempting to join your new employer’s default super fund. If you’d like to stay with the same fund, you can. It’s as easy as asking your new employer to pay your super into an account you already have.
All you need do is complete a choice form with your fund member details and hand it to your employer.
Changing employment doesn’t have to mean changing your super. And keeping the same super account is one of the simplest and easiest ways to grow your super.
Learn about lost super
4. Assess your fees
It’s important to know what fees you’re paying. With super, every dollar counts.
So, if your super fund is charging you high fees, it may be time to consider changing funds.
Minimising fees will help to grow your super. Just think about what you can spend that money on when you retire instead!
To find out how much you are paying – look at your latest super statement. Need some help working out if you are paying too much? A Wealth Specialist can help.
5. Understand how your super is invested
With super, you’re in it for the long-haul. How your super is invested today, can significantly impact how much income you will have to live on during retirement.
Typically, super funds offer a mix of options for you to invest your money in. These options range from higher risk (growth) options, to more conservative (defensive) options. Your statement or online account will show you how your super is invested.
Generally, the further you are from retirement, the more risk you can take on. And with higher risk, may come higher rewards.
You can read more about investment strategies and what may suit you by visiting our Education HUB.
A Wealth specialist can help guide you. Make an enquiry today.
An investment strategy is what guides your investment decisions. It is based on your future income or capital needs, how long you want to invest for, and how much risk you can live with.
Planning for retirement
You may have an idea of what you want to do once you retire from the workforce. But have you considered how much income you will need to fund your retirement? With a little planning today, you can be financially prepared for retirement.
Risk vs return
Investing can be a great way to grow your money and reach your financial goals. However, it’s important to understand that all investments carry a degree of risk. So, how can you balance risk vs return?
Things you should know
Sandhurst Trustees Limited
Sandhurst Trustees Limited ABN 16 004 030 737 AFSL 237906 (Sandhurst) is a wholly owned subsidiary of Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL 237879. Each of these companies receive remuneration on the issue of the product or service they provide. Sandhurst is the responsible entity and issuer of the managed funds available on this website, and is also the trustee and issuer of the Bendigo superannuation products. Investments in these products are not deposits with, guaranteed by, or liabilities of Bendigo and Adelaide Bank and are subject to normal investment risk, including possible delays in repayment and loss of income and capital invested. Before making an investment decision in relation to one of these products you should consider your situation and read the relevant Product Disclosure Statement available on this site.
Sandhurst is the issuer of the commercial lending products and the provider of any traditional trustee services available on this website. The Bendigo Funeral Bond (“the Bond”) is an investment product issued by Australian Friendly Society Limited (“the Society”), ABN 29 087 648 851 AFSL 247028, with benefits provided by the Society’s Funeral Benefit Fund established under Schedule 1, Rule E of its constitution and administered by Sandhurst. The Travel Protection Plan is issued by AIA Australia Limited ABN 79 004 837 861 AFSL 230043. The Society is associated with the Bank and its related entities. Neither the Bank nor any of its related entities guarantee the repayment of capital invested or the investment performance of the Bond. Information is correct at the date of this document and is subject to change.
The content on this website has been jointly prepared by Sandhurst and Bendigo and Adelaide Bank and contains general advice only. Advice in relation to superannuation and managed investment schemes is provided by Sandhurst and advice in relation to life risk insurance is provided by Bendigo and Adelaide Bank. It is provided as general information and must not be relied upon as a substitute for financial planning, legal, tax or other professional advice. The information is given in good faith and has been derived from sources believed to be accurate at its issue date. Neither Sandhurst nor the Bendigo and Adelaide Bank give any warranty for the reliability or accuracy or accept any responsibility arising in any way, including by reason of negligence for errors or omissions for the information contained on this website. The information contained on this website is subject to change without notice. Neither Sandhurst nor the Bendigo and Adelaide Bank has an obligation to update, modify or amend this website or notify you in the event that a matter of opinion or projection stated changes or subsequently becomes inaccurate.
Neither Sandhurst nor Bendigo and Adelaide Bank is responsible for the content of any other site accessed via this site. That information is the responsibility of the site owner. Links to other sites are provided for convenience only and do not represent any endorsement by Sandhurst or the Bendigo and Adelaide Bank of the products offered by the site owner.