New financial year resolution: Get your super into shape25 Jun 2018
As we kick off the new financial year, many of us are making financial resolutions. The usual suspects include setting a budget (and sticking to it!), finding a better credit card deal, saving for that holiday – but what about your super?
Here are four simple steps you can take to get your super into shape this financial year.
1. Check your contact details
Australians lose an average of $2,592 a year* each by not keeping our contact details up to date on super accounts. Over your working life, that can really add up.
Take five minutes to log into your account to check your email, address and phone number and make sure you never lose track of your super. Or you can call us on 1800 640 886 to update your details.
2. Find and combine your accounts
If you have more than one super account, you’re not alone – 40% of working Australians have multiple accounts.^
Combining your accounts is a simple but powerful step in getting your super into shape because you’re eliminating the multiple fees and insurance premiums that are eating through your super savings. Plus it’s easier to keep track of your money if it’s all in one spot.
You can find and combine# your accounts in minutes. No forms, no fuss. Simply log in to your account and run a ‘Find my super’ search.
3. Consider adding a little extra
Finding ‘extra’ money isn’t always easy, but adding even a small amount to your super each pay can really add up over time. Use the contributions calculator to see for yourself the difference even $5 a week can make.
You can set up regular before-tax contributions through salary sacrifice or set up a regular after-tax contribution using BPAY® or direct debit. Find out more about making contributions.
Depending on your income, if you make personal contributions you may also be eligible for a Government co-contribution at tax time.
4. Know your options
If you haven’t made an investment choice, your money will most likely be in Media Super’s Balanced (MySuper) option. Everyone has different investment needs based on your stage of life, financial situation and how ‘hands on’ you want to be – so there may be a better option for you.
Generally, when you’re younger, you may want to invest in growth options as you have a longer investment timeframe and usually can afford to take more risk. As you get older, you may gradually move to more conservative investments aimed at reducing volatility and preserving your balance.
Media Super has a wide range of investment options, ranging from pre-mixed options, to single asset class options, as well as a lifecycle option and a direct investment option. Our team can help you work out which option suits your needs.
We’re always here to help
And if you have any questions or need advice, call our Helpline team on 1800 640 886.
* 18 billion lost in super – some of it could be yours
^ ATO Super accounts data overview
# 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.