30 August 2024
If you want to change your financial future for the better by taking control of your super, there are several steps you can take. Now is a good time to get to know your Super to make sure it’s working for you.
Get to know your super to make sure it’s working for you.
Fast track your super savings in 5 easy steps
1. Choose a super fund that works for you
You may want to start by considering a fund with strong long-term investment performance1, low admin fees2 and a profit-for-member approach. You can view how AustralianSuper compares to other funds by using our resource below.
Find out how AustralianSuper compares
2. Consolidate your funds
If you have more than one super fund, you’re probably paying more than one set of fees. By consolidating your super, you put all of it in one place and with one super fund3. That means only a single set of fees, plus easier account management.
There are some important things to consider before you consolidate your super – such as how this might impact any insurance cover you have or steps to take if you wish to claim a tax deduction for personal super contributions. We recommend seeking financial advice before consolidating.
READ MORE ABOUT THINGS TO CONSIDER BEFORE YOU CONSOLIDATE ACCOUNTS
If you've ever changed your name, address, or job, you may also have super in a few accounts you've lost track of.
LEARN MORE ABOUT HOW TO TRACK DOWN LOST SUPER
3. Contribute more when you can
The more you add to your super, the better chance it has to grow4.
Contrary to popular belief, if you start contributing at a young age, you could make a big difference to your final balance. Slow and steady wins the race when it comes to super.
Find out how you can grow your super balance
4. Check your insurance
Most super funds provide some form of insurance cover. For example, we offer eligible members age-based Death, Total & Permanent Disablement and Income Protection cover when they first join5.
Insurance through super can be an affordable way of protecting you and your family. But it can also be one of your biggest costs. That’s why it may be worth checking you have the right cover for your lifestyle, and that you’re not paying more than you need to.
Don’t forget to check your work rating too. It impacts insurance costs and can be a difference of up to 50% depending on your occupation.
LEARN ABOUT INSURANCE THROUGH AUSTRALIANSUPER
5. Continue with your fund
Choosing the right super fund and sticking with it throughout your career is one of the simplest ways to grow your super. By doing this, you may be better placed to achieve the retirement lifestyle you want.
Get help managing your super
As an AustralianSuper member, you can get access to advice to suite your needs. Members enjoy access to general information, simple personal advice on a number of topics6, and comprehensive advice7.
Simple advice for members
We can help with general advice, or advice about your super, insurance and transition to retirement. Feel free to call us on 1300 300 273, 8am to 8pm weekdays6.
Comprehensive advice for members
For comprehensive personal advice, we recommend you meet with a qualified financial adviser who can help you with a detailed financial plan. We have access to a network of financial advisers available7.
AustralianSuper members: Connect with an adviser
Useful information if you’re approaching retirement age
We provide free education webinars. These help members and non-members better understand super and retirement planning. As an AustralianSuper member, you’re welcome to register.
REGISTER FOR AN UPCOMING WEBINAR
References
1. AustralianSuper Balanced investment option compared to the SuperRatings Fund Crediting Rate Survey - SR50 Balanced (60–76) Index to 30 June 2024. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.
2. Source: Zenith CW Pty Ltd (Chant West) (ABN 20 639 121 403). Chant West Super Fund Fee Survey June 2024. Survey compares administration fees and costs for MySuper products for a $50,000 balance. Other fees and costs apply. Fees may change in the future which may affect the outcome of this comparison.
3. Before making a decision to combine your super, consider any fees or charges that may apply, and the effect a transfer may have on benefits in your other fund such as insurance cover. We recommend you consider seeking financial advice.
4. Before adding to your super, consider your financial circumstances, contribution caps that may apply, and tax issues. We recommend you consider seeking financial advice.
5. AustralianSuper insurance is provided by TAL Life Limited ABN 70 050 109 450 AFSL 237848. The insurance cover provided automatically is based on your plan, age, account balance and if you are receiving contributions. You can apply to increase, decrease or cancel your cover anytime. Age limits and other conditions apply. Read the relevant Product Disclosure Statement and Insurance in your super guide for more information.
6. There’s no charge for general advice about your super account. The financial advice you receive will be provided by Link Advice Pty Limited ABN 36 105 811 836, AFSL 238145 and will be their responsibility. Some personal product advice provided may attract a fee, which will be outlined before any work is completed and is subject to your agreement.
7. Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd. Fees may apply.
This may include general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision consider if the information is right for you and read the relevant Product Disclosure Statement, available at australiansuper.com/PDS or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD. AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.