Are you the type to set and forget your superannuation (super)? Or maybe you’re not sure what you should be doing when it comes to managing your super?
We’ve put together four simple tips to help you stay on top of your super so you can make the most of your retirement.
Tip #1: Check your super balance
First things first. To take control of your super, you need to know how your superannuation is tracking. You can do this by checking your balance.
Some super funds have an online portal or mobile app so you can check your balance yourself. If not, give your fund a call and they’ll be able to help you out.
Tip #2: Plan for your retirement
Have you thought about what retirement looks like for you? If not, take some time to think about when you might like to retire. You can use the calculator on the Moneysmart website to estimate how much super you’ll have at your goal retirement age.
You can then take steps to increase your contributions if you would like to retire earlier or live more comfortably.
Tip #3: Maximise your super contributions
Salary sacrificing, voluntary contributions or Government contributions are just a few of the ways you can add to your super. You can find out more about growing your super on the Australian Taxation Office (ATO) website.
It’s important to remember there are limits on how much you can pay into your super fund each year. If you go over this ‘contribution cap’, it could mean you’re paying extra tax. How much you can contribute each financial year will depend on your age and super balance. You can find out more on the ATO website.
Tip #4: Combine your super
If you have had multiple jobs over the years, you may have signed up to a few different superannuation funds. This could mean you’re paying account fees to multiple funds and may not have a full view of your super balance.
By combining your super into one account, you can keep track of your balances, save money and benefit from investing a larger pool of money.
The ATO website has some great tips on how to search for lost super.
These tips are a starting point to help you get into the habit of thinking about your superannuation. For tailored advice and strategies that fit your personal circumstances, it’s best to speak with a financial planner.
By taking these simple steps to look after your super now, your super will be setup to look after you in retirement.