Love summer holidays? For more days like these, get your super sorted!

4 Jan 2018 By Media Super Team

The start of the year is the ideal time to get your personal finances in order.  So why not get your super sorted, and tick these four things off your list: 

1.   Update your contact details

What if someone said they’d give you $2,592 simply for typing in your address and email? Would you do it? 

Well this is how much we each lose as a nation of workers, on average, by not keeping our contact details up to date on our super accounts.* Make sure your address, email and phone number are all correct. 

While you’re at it, you might also want to add (or update) your beneficiaries. Your beneficiaries are the people you’d like to receive your money in the event of your passing. While it’s not the most pleasant topic to think about, the question of who will get our money when we die is one of the most common questions we receive from members to our Helpline†. 

Update your details:

Log in to your account  OR call us on 1800 640 886 OR fill in a Personal Details form and Beneficiaries form.

2.   Combine your accounts

Think you’ve got more than one super account? Not sure? Then you’re not alone. According to the Australian Tax Office (ATO), 45% of working Aussies have more than one super account.^

With average fees around $532 per account every year^, some of us are eating through our savings by having multiple accounts, and possibly multiple insurance premiums. 

Before consolidating# accounts, it can be worth finding out what insurance cover you have (Step 3) and getting advice (Step 4).

Combine your accounts:

Log in to your account, register your Tax File Number and perform a Find My Super search to locate other accounts you may have lost OR call us on 1800 640 886.

3.   Find out how much insurance you have

Did you know that when you join a super fund, you automatically receive insurance? Insurance fees (‘premiums’) are regularly paid from your super balance, which can be a cost-effective way to pay for your insurance.  

Types of insurance that you may have include: Death cover, TPD (Total and Permanent Disablement) and Income Protection. 

To discuss your insurance and make sure you have the right cover to suit your needs, feel free to speak with one of our phone-based advisers (Step 4). You can also read more about the different types of insurance.

Check you're covered:

Log in to your account OR call us on 1800 640 886.

4.   Speak to us

We have a dedicated, phone-based team available to answer any questions you may have about your super. This includes questions about how to log in, check your balance, combine your accounts, your investment options and your insurance. 

If you would like to speak to someone face-to-face or have more complex questions, we also have financial planners~ available for Media Super members and their partners. 

They can help you with questions such as:

  • Do I have enough to retire on?  
  • How much do I need to have to retire?
  • When can I stop work and live comfortably? 
  • Can I afford a career break?
  • How is my super invested?

Speak to us:

We’re always here to help our members. If you have any questions, call us on 1800 640 886.

Now, kick back and relax!

We’re here to help you make sure you have enough saved for your future and enough insurance to protect you and your loved ones.

So tick these four steps off your list, kick back and enjoy the sun!

 

* 18 billion lost in super – some of it could be yours

^ Australians losing thousands in super fees annually: ATO 

# Before making a decision to combine your superannuation, you should consider any penalties such as exit fees, change to insurance cover or loss of benefits that may apply and, if necessary, consult a qualified financial adviser.

† Helpline consultants and Helpline Advisers providing general or limited advice are representatives of Mercer Outsourcing Australia Pty Ltd (MOAPL) ABN 83 068 908 912, AFS Licence  411980

~ Media Super has engaged Industry Fund Services Limited (IFS) ABN 54 007 016 195 AFSL No 232514 to facilitate the provision of financial advice to members of Media Super. Advice is provided by one of our Financial Planners who are Representatives of IFS. Fees may apply. Further information about the cost of advice is set out in the relevant Financial Services Guide, a copy of which can be obtained by calling IFS on 1300 138 848. IFS is responsible for any personal advice given to you by its Representatives.