Grow your super with these 5 tips
It may seem like forever before you can get your hands on your super. That doesn’t mean you should ignore it. Below are some things you can do to help grow your super.
1. Know where your super is being paid
Most of us have a super account, but many people don’t know where their super is being paid. If you’re one of them, it’s easy to find out. Just ask your employer or check your payslip.
Once you find out, call your fund and register for online access so you can keep track of how much super you have. You can then track how you are progressing to achieve the income you would like to receive when you retire. There are some great tools you can use such as the MoneySmart superannuation calculator.
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. This adds up over time!
Consolidating your super into the one account can help to grow your super. Our article on consolidating your super can help.
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. Here’s the thing – most of the time you can ask your new employer to pay your super into a fund you already have. All you need do is complete a choice form with your fund member details and hand it to your employer. This can be one of the easiest ways to help grow your super. Multiple super funds mean multiple fees and charges you are paying.
Learn about lost super
4. Make sure you’re not paying too much in fees
With super, every dollar counts. If your super fund is charging you high fees, it may be time to consider changing funds. Paying less in fees helps to grow your super. 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 and how your super is invested today can significantly impact how much income you will have to live on during retirement.
Super funds will offer a mix of options for you to invest your money in, ranging 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 longer you have until retirement, the more risk you can take on and potentially earn more over time. Read about investment strategies and what may suit you.
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.
You may have an idea of what you want to do once you retire from the workforce. Have you thought about how much income you will need to fund this?
Risk vs return
All investments carry risk – even investing in cash. Market conditions, inflation, changes to interest rates and economic downturns can all have an impact on your investment.
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