super tips

Put that New Year’s motivation to work!

It’s a new year and we’re all feeling motivated, but unlike that new gym membership or deciding to deep-clean the house, getting on top of your super will be quick and painless. 

All you need is your laptop or phone and 30 minutes (comfy chair and a cuppa are optional). Ready? 

Check and update your contact details

Between our banks, insurance, utilities and all the other accounts we have these days, it can be easy to miss updating your contact details on some of these when you move or get a new number. 

The dangers of ‘buy now, pay later’

A raft of ‘buy now, pay later’ options like Afterpay and zipPay are giving the consumers the opportunity take purchases home immediately and pay them off over time. 

It may sound convenient but there are downsides that shoppers need to be aware of, which ME - your industry super fund-owned bank – outlines below. 

Late fees can be costly

There’s no cost to sign up, and no interest charges, but neither Afterpay nor zipPay are entirely fee-free. 

Spend wisely this festive season

The festive season beckons, with end-of-year parties and gift giving characterising the last month of the year. While it may be tempting to blow off some steam by letting loose in the shops, however, ME says it could pay in the long run to formulate a loose spending plan. 

Customers should devise a concrete plan of attack before hitting the shops. It’s fun to kick up your heels at this time of the year, but it’s also important not to party yourself into poverty and start the New Year on a financial back foot. 

Your home and super - First Homes & Downsizing

In 2017, the Federal Government announced several measures related to housing affordability and superannuation – the First Home Super Saver scheme and the downsizing contribution.

First Home Super Saver Scheme

The First Home Super Saver (FHSS) scheme was introduced to help first home buyers save for a deposit faster by taking advantage of the lower tax paid within super.

Good advice is easy to find

Decisions about money, especially making sure we have enough of it, can be stressful. Good financial advice can reduce your anxiety about your retirement income and give you confidence about your financial wellbeing.

How can we help?

It’s our job to help you make the most of your retirement income, which includes providing you with the right advice throughout your working life and now that you’re retired.

Managing your 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. 

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