super tips

Managing you super is now easier than ever

Our refreshed member secure site is now live, designed to make managing your retirement savings even easier. 

So what’s new? 

The new site doesn't just give you the latest information about your super and pension, it provides you with insights about what these figures mean for your retirements income to help you make better informed decisions. 

When you log in, you’ll see your dashboard, which brings together all your key info on a single screen – your account balance, estimated retirement balance, your insurance cover and your current investments. 

New financial year resolution: Get your super into shape

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. 

New downsizer contribution takes effect 1 July

Many Australians downsize their home when they retire. There are pros and cons you need to weigh up, including the Government’s downsizer measure coming into effect on 1 July 2018. 

If you’re 65 years or older, and meet the eligibility requirements, you may be able to make a downsizer contribution of up to $300,000 to your super from the proceeds of your home. 

The measure only applies if the contract of sale is exchanged on or after 1 July 2018.

Take charge & close the super gender gap

It’s an ugly truth that Australian women retire with significantly less superannuation than men. But with more women in the workforce than ever before, why is this still happening?

Let’s be clear – the super gap does not exist because women ‘don’t understand finances’,’ or because we think ‘a man is financial plan’.

The continuing gender pay gap is a major factor, as it means many women receive less money to start with. 

Raising a family & your super balance

Women are still the primary caretaker in most Australian families; we take time out of the workforce for maternity leave and often take longer periods off (potentially working part-time) to raise children. But what effect is this having on our financial confidence and security down the track? 

Taking time off work means you’re unlikely to be receiving employer super contributions or you may return to work part-time and receive lower contributions than when you worked full-time. Over a few years, this can have quite a significant impact on your super. 

Staying well in retirement

1 in 10 older Australians experience depression and anxiety. 

While mental health challenges can occur at any stage of your life, there are times you are especially vulnerable to experiencing depression and anxiety.

Retirement can involve some triggers for these conditions, particularly if it is a stressful time or if it becomes an ongoing challenge. ‘The transition between work and retirement is a big change,’ explains beyondblue’s Policy,

Super that lasts as long as you

With retirees feeling the pinch with low interest rates and our ever-extending life expectancy, it’s understandable that you might be apprehensive you’ll outlive your retirement savings.

For example, the life expectancy of a 65-year-old female today is 87. By 2050, that’s expected to increase to 91.1

In terms of outliving your super, here are the cold, hard stats:2

Tracking your spending can change your life

New research from our friends at ME confirms that tracking spending has a powerful influence on your ability to save and set money goals.

ME put four participants to the test by asking them to track their spending for an entire month using ASIC’s TrackMySpend app.

Overall, all participants agreed the exercise empowered their money management in three major ways:

How first home buyers can boost borrowing power

When it comes to maximising borrowing power ahead of buying your first home, a deposit is important, but it isn’t everything. A range of factors work together to shape your borrowing power. Read on for some tips from our friends at ME.

“How much can I borrow?” was Google’s most popular home loan question in the past 12 months. 

ME’s analysis shows Australians made the enquiry more than 25,000 times, highlighting the dilemma housing affordability is causing many buyers. 

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