Grow your super

Grow your super with these five tips

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Intro to super

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Super matters. Superannuation. What is it?

Super is a way of saving for your retirement.

Its money put aside now, that’s invested over time, and returned to you when you retire.

Everyone’s retirement goals are different.

Your retirement goal may be simple or extravagant.

As long as you feel secure and comfortable when you’re no longer working.

If you’re over 18, super guarantee contributions are compulsory, which means your employer must pay a percentage of your earnings into your super account. For most of us, this is 10.5 percent on top of your salary.

Despite the fact you generally can’t access your super until you retire,

It is still your money, and you have control over how it’s invested.

So, get to know your super, and ask about your options

Because the choices you make today can do great things for your future.

Visit bendigobank.com.au/super for everything super.

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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.

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.