10 January 2025
AustralianSuper member Lisa lived her dream while acting on the sets of some of Australia’s best-known TV shows. Acting professionally can be very unpredictable, so Lisa has also explored the corporate world with roles in PR, marketing and medical sales.
Now semi-retired, Lisa enjoys working less while earning an income from her super. However, Lisa's journey with super wasn't always smooth and when she was younger, superannuation wasn't top of mind. It was only later in life that she realised how important it is to get the right advice and make informed decisions about her super.
This is her story.
Starting the super journey
Lisa had no idea about super when she was younger. Her mother always taught her and her sister about the importance of saving money and paying off a house, but Lisa admits she wasn’t that financially savvy to begin with.
'I really wish I had understood super when I was in my 20s and 30s. It was something that happened automatically. You would get a statement at the end of every year which you barely looked at because it was always so disappointing.'
‘For my sister and I, it was to make sure that we could be financially independent and not have to rely on anyone. Super wasn't part of it.’
However, once Lisa learned more about super and its potential, it completely changed her attitude towards her finances and super.
The importance of getting good advice
When Lisa was retrenched from a job at 40, she was given some advice that included splitting her super between two retail funds. This meant she was paying two sets of fees as well as commissions.
'After I started taking more interest in my super and looking into the two retail funds I was in, it made me really cross. I was finding at the end of each year that regardless of how much I put in, most of the time, I had less at the end of the year than I had at the beginning, or was seeing very little return’.
‘My money wasn't working as hard as I thought it should or could’.
The decision to switch
Despite the fact Lisa was working hard and trying to save, her money wasn't returning the favour. Feeling frustrated, Lisa started to look for other options and decided to call AustralianSuper for advice options.1
'The first thing that struck me was that I was talking to someone local, she was empathetic and at no point did I feel there was a clock running on the call.'
Now armed with more knowledge about fees and performance, she decided to combine and switch from the two retail funds. After switching to AustralianSuper,2 Lisa began to add a bit extra to her super.3 This helped her to maximise the amount of super she could retire with.
‘Once I switched to AustralianSuper and got the app, I became more active in checking it on a regular basis, I started seeing a difference pretty much straight away. And in fact, it's now become one of my favorite things to do.’
Getting help when you need it
At 60, Lisa resigned from her job with a plan to travel the world with her partner. However, this didn’t pan out, as she and her partner unexpectedly separated. Lisa was anxious about how she would fund her retirement.
‘And so suddenly I found myself single without a job, and my cost of living effectively doubled overnight’.
‘I was really at a loss as to what to do next, and I called AustralianSuper again, spoke to a fabulous person on the phone and said, what are my options? And they suggested that I could have a session with one of AustralianSuper’s financial planners.’
The financial planner recommended Lisa open an account-based pension, called Choice Income, which allows retirees to draw an income from super while keeping the balance invested.
‘It was a really life- changing meeting and time for me, because suddenly I went from feeling like I had very few options to realising that I was going to be okay.’
See your advice options
The importance of super
Lisa decided to take super in her own hands and now understands the importance of super and how it can benefit retirement.
‘So my advice to my younger self is learn to love super. Start paying attention to it. The benefits of thinking about super when you’re younger can be absolutely life-changing.’
‘I have had many careers throughout my life, but I think my favourite is being semi-retired. Life is really good. I'm enjoying just doing what I like, when I like.’
Disclaimers
- 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.
- 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.
- Before adding to your super, consider your financial circumstances, eligibility, contribution caps that may apply, tax issues and when your super can be accessed. We recommend you consider seeking financial advice.
The views expressed are those of the member based on their particular circumstances, reproduced with their continuing consent. 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.