Small steps you take today could make a big difference to your financial future.
Did you know that women approaching retirement have around 23% less super than men1? This may be due to a range of reasons including lower earnings, part-time employment, and time out from the workforce.
The good news is, there are some simple things you could do today, which may make a big difference to your super balance when you reach retirement.
5 tips to take control of your super
1. Compare and choose
1. Compare and choose
Doing a comparison of funds might be a great place to start when choosing the right super fund for you. You may want to look at things like investment performance, what fees you’re going to pay and if they’re reasonable, and what insurance options might be available.
Compare super funds
2. Consider consolidating
2. Consider consolidating
Having more than one super account generally means more paperwork, and often additional costs too. Doubling up on fees can chip away at your overall super balance, which is why you may want to consider combining multiple accounts into one2.
Consolidate your super
3. Contribute a bit more if you can
3. Contribute a bit more if you can
In addition to any employer contributions you might receive, your super can grow through investment performance3 and any extra contributions you add to it during your working life4. You’re also able to generate returns on top of returns, as super benefits from compound interest.
Grow your super
4. Check your insurance
4. Check your insurance
There are generally three types of insurance cover available in super, including Death, Total & Permanent Disablement, and Income Protection. Paying for insurance cover out of your super may mean you'll have less for retirement, but having cover can provide peace of mind, so consider if it’s right for you.
Review insurance
5. Manage your super on the go
5. Manage your super on the go
Managing your super on the go has never been easier with the AustralianSuper mobile app. You can check on your super anywhere, anytime. And, it's and easy way to get in touch with us. Download the app today in three easy steps.
Download the app
Check out our A brighter future for women brochure. It breaks down the above steps in more detail, and provides further tips regarding how you could make the most out of your super.
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Important information you should know
1. Ages 60 - 64, Deloitte Average Balances to 30 June 2023, rounded to the nearest $100. People with zero superannuation are not included in average data.
2. Before consolidating your super, consider any fees or charges that may apply, and the effect this transfer may have on any benefits you have in your other fund, such as insurance cover. We recommend seeking financial advice.
3. Investment returns aren’t guaranteed. Past performance isn’t a reliable indicator of future returns.
4. Before adding to your super, consider your financial circumstances, contribution caps that may apply, and tax issues. We recommend seeking financial advice.