Whether you’re just starting out in the workforce, or you are caught up in the midlife work and family juggling act, super may not be a top priority. But that doesn’t mean it should be forgotten.
Following these tips will set you on a path to manage your super with less fuss while making the most of your opportunities.
Housekeeping tips
1. Get familiar with myGov
MyGov is your source of all the information the Australian Taxation Office (ATO) has about your super, and that’s a lot. Log in and link the ATO service, if you haven’t already. Then, under your linked services, click to go to the ATO.
You can select the ‘Super’ menu to see details of your super fund(s) including any lost super or accounts you have forgotten about. There’s also a wealth of other information including any available carry-forward concessional contributions you may have, your employer’s contributions and your total super balance.
You can even combine your super accounts and make requests such as an application for savings to be released through the First Home Super Saver (FHSS) scheme. Take some time to explore.
Learn more about using myGov to keep on top of your super.
2. Make sure you’re with a great fund
Paying high fees or receiving lacklustre returns can really put a dampener on the growth of your account, so taking the time to compare and switching to a quality fund is worthwhile.
Even small differences have a big impact – for example, the Productivity Commission found that a 0.5% increase in fees can cost the average member 12% of their potential balance by retirement.
If you have more than one account, getting everything into a single super fund is a priority unless you have a good reason to keep multiple accounts. Having your savings together makes managing things simpler and can reduce costs.
If you do decide to consolidate your super into one fund, be sure to compare funds, get your employer contributing to your chosen fund, and ensure any insurance cover you require is in place there before closing your old accounts. Once you have everything in order, consolidating via myGov is just a click away.
Find out how to compare super funds.
