Take 20 minutes in 2020 to ensure your year is super!
New year, new you! We all make New Year’s Resolutions with the best of intentions – some we do, and many we don’t. However, if one of them was to run a marathon by Christmas, then we all know that it’s best to start small. Maybe a walk or a jog around the block!The same goes for your financial goals.
Now that the craziness of Christmas has passed, it’s time to do a little bit of financial housekeeping.
Below are some things that should take 20 minutes (or less) that will help enable you to get setup for a great year. Best of all you can do this from the comfort of your couch (put away the running shoes).
Consolidate ALL of your accounts
If you’ve had a number of jobs, then it’s highly likely you’ve had more than one superannuation account. That means you may have lost super! Having multiple accounts means you are paying duplicate fees and may have insurance you may not want (or need).
Bringing all of your super into one fund can make managing it a lot easier. Plus, you might find some accounts that you’d forgotten about!
You don’t have to know where that super is being held, either. Our Supermatch system automatically searches for accounts held in your name and can take care of the consolidation process as well.
Getting started takes just a few minutes. Start consolidating your account now!
Time needed: 5 minutes
Make sure you know how much you have and where it is investedEnsuring you know how much super you have is vital for working out if you are on track!
Finding out your current balance is simple – all you need to do is login to the online member portal. Once you login, you will see your balance straight away.
It is also important to know where you are invested. If you haven’t made an investment choice, it is likely you are in our default option, LifetimeOne. However, we have a range of different investment choices that may better suit your situation. Our limited advice team can discuss you options over the phone, at a time that suits you.
Time needed: 2 minutes
Work out if you are on track
Do you know if you are on track to reach your retirement goal? ASFA recommends that single people will need $545,000 in retirement savings, and couples will need $640,000 to have a “comfortable” retirement (as at September 2019).
Our super projection calculator can help you to work out where you will get to when you retire. However, it is just a guide. If you want to have a more in-depth conversation, our planners can create a more detailed analysis of your current situation and create a plan to assist you into the future. Click here for the calculator.
Time needed: 4 minutes
Add a little more to your super account
Making extra contributions, like salary sacrifice, is a great way to boost your balance and potentially save money on tax.
There are a couple of different ways to get extra money into your superannuation. You can make a lump sum contribution (by logging into the member portal).
This is an excellent option if you’re looking for a way to use money from an insurance payment, tax rebate or inheritance. If you haven’t met your pre-tax contribution cap of $25,000, you can also claim some of the taxes paid.
For many people, making regular, small pre-tax contributions from their salary is an easier way to get in additional contributions. Talk to your employer about making extra contributions or provide them with a copy of this form to get started.
Learn more about salary sacrifice.
Time required*: 9 minutes
We’re here to help
Our mission is to empower our members to live their best possible retirement.
Although the above may be right for some, it won’t be right for everyone. We can review your current situation, and assist you with everything from investment options to insurance.
Simply call us on 1300 658 776 or utilise one of our other contact methods.
* Time required is a guide only.