Born in regional Australia, Prime Super helps our partner, NSW Farmers, and its members, get the most out of super – today and tomorrow.
National Sales Manager, Chris Pole, and dedicated regional managers Michelle Murray, Carl Wilson and Jim Docherty share five simple tips to help make your super work smarter for you.
1. Know what you have and where you have it
“The more money you have in your super, the more it will grow,” explains Chris.
Most of us know how much money we have in our savings accounts – we check the balance regularly. Yet many of us ignore our super savings. Super is likely to be one of your largest investments, so it is important to give it regular attention.
The first step is to find out which super fund you are with and how much you currently have. Understand your level of contributions, your investment returns and fees charged as they all have a big impact on your savings.
2. Consolidate your super
“Put simply, consolidating your super saves you time and money,” said Dubbo based regional manager, Michelle. “We all want to do that!”
If you’ve ever changed jobs, it’s likely you have more than one super account – some people have up to five! That’s five sets of fees, five sets of insurance premiums and five sets of statements to check each year. It all adds up. The fees you pay across multiple super accounts eats into your hard-earned retirement savings.
If you consolidate, or combine, your super, you could save thousands of dollars over the years. And your super will also be easier to manage. Consolidate easily through your MyGov account, your online super account or call your super fund.
If you are unsure, seek guidance on what you need to consider such as returns, fees, and any insurance cover you have in place.
3. Review your investment options
“It is important to understand how your super fund invests your money, along with your fund’s performance over the medium to longer term,” states Carl, located in Gundaroo, NSW.
Investment returns have a huge impact on your super balance. Consider your risk appetite when you select the investment mix that is right for you. There are investment options for most risk appetites, from low risk, defensive investment options through to higher risk, growth-orientated investment options.
You can also choose investment options with exposure to sustainable, responsible, and ethical investments.
4 Make additional contributions
“Add a little extra to top up your super,” suggests Jim, who is based in Sydney. “It can have a big impact on your super savings over time and helps to grow your super faster.”
Top up your super with an amount that you are not likely to miss. Consider making additional contributions sooner rather than later to take advantage of compounding returns. Whether you’re a low or high income earner, there are tax incentives to help accelerate your super savings.
5. Check your insurance cover
Make sure you have the right level of insurance. Super usually offers cost-effective personal insurance cover that doesn’t impact your current cashflow. Check your insurance before you combine your super accounts, as you may lose the cover you previously had. Seek advice about insurance if you need help.
“We’re here to help you if you need it,” said Chris. “Jim, Michelle, Carl and I are industry professionals with over 35 years’ experience between us.
“We look forward to hearing from you.”
*Past performance is not an indicator of future performance
Disclaimer: This article contains general information only and does not take account of your personal circumstances. You should obtain personal advice where appropriate. This article is current as at the date of publication and subject to change. Prime Super (ABN 60 562 335 823) is issued by Prime Super Pty Ltd (ABN 81 067 241 016, AFSL 219723). A Product Disclosure Statement is available from the issuer by calling 1800 675 839.