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Grow your super

Education HUB article

15 minute read

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.


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Learn about lost super
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. 

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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.

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