Tips to improve your retirement*

Here are 5 simple but incredibly important actions that can make a real difference:

  1. Maintain only one super account through your working life
  2. Make additional contributions if you can
  3. Choose an appropriate investment strategy in line with your risk profile
  4. Protect yourself with adequate insurance
  5. Don’t ‘set and forget’ — get advice and plan your future retirement

1. Consolidating super

Having one fund means one set of fees and less paperwork. Combine multiple super accounts into a one single fund to grow super faster.

Industry super funds will track down lost super for members and can consolidate them into a single fund to maximise member benefits

2. Topping up super

Salary Sacrifice can provide benefits to workers’ super balances by minimising taxation implications. After-tax contributions can make a big difference to retirement savings. They represent an alternative to investing money outside super and possibly paying more tax.

Low and middle income earners earning up to $61,920 can take advantage of the government’s superannuation co-contribution initiative. If you make extra personal super contributions to your super fund the government will then match them up to the value of $1,000 a year.

3. Asset selection/investment strategy

Industry super funds will work with members to determine the most appropriate investment options and asset selections, based on their risk profile, expected returns and investment timeframes.

4. Upgrading insurance

Most industry super funds provide basic insurance automatically. Members can top this up with increased cover at competitive rates – and the premium can be paid from the super account, not directly out of members’ pockets.

5. Financial and retirement planning 

Super represents a significant long-term investment that workers need to understand and review on an ongoing basis. Most industry super funds offer fee-for-service financial advice – with no strings attached – no commissions or hidden or ongoing fees.

For workers over 55 years, a Transition to Retirement super strategy can save on tax – and after 60 years of age, the benefits get even better. Industry super funds can explain and organise strategies that are income and tax-effective for the over 55’s.

*Consider your own objectives, financial situation and needs before making a decision about superannuation because they are not taken into account in this information.