sort your super out
Ok it’s time. You’ve been putting it off, but no longer — it’s time to sort your super out.
We’ve teamed up with Sunsuper to bring you Super September — a whole month dedicated to getting your superannuation sorted.
Superannuation can be a part of your overall wealth strategy — a key part of your long game wealth plan. Sure, you can’t touch it until you’re old, but by investing into your superannuation today, you’re setting up cash for your future self.
Throughout September we’re releasing episodes around different areas of super, and we’re pumping out reminders and tips to help you get it all under control. All month I’m going to be reminding you of my new favourite phrase, LUCKI BFG — let me explain.
Each letter stands for something you can do to check in on your superannuation:
L — Log into myGov
Sounds basic, but heaps of people forget to check this. In your mygov account you can see your superannuation balance, so make sure you have a login and check out where your balance is at.
U — Up to date personal details
Does your super fund still have your address from 3 rental places ago? Time to update it! Sunsuper has a great online member dashboard. If you’re a member, you can log in to their online portal and see your current super balance, how your balance has changed over time, last transactions on your account, and check out investment returns for your primary investment option.
C — Contributions
In Australia by law, regular contributions must be made into your nominated superannuation fund by your employer (at least every quarter). Sometimes people forget to make sure that’s happening — it might be listed on your payslips, but make sure the cash is landing in your account at the other end.
K — Know your current fund
Again another basic thing to check but who is your super with — do you know who they are? Have you been in touch with them any time recently? Call them and have a chat.
I — Insurance
You might have insurance within your super and not even realise! Log in and take a look at what you have already lined up, and if it’s suited to you speak to a financial adviser to ask about the policies out there that might suit your needs. If you need a recommendation, please click here and we’d be happy to connect you with one of our advisers.
B — Beneficiaries
Who will benefit from your superannuation when you die? Do you know? Have you allocated them? Call your super fund and see what arrangements have been made, and if none, allocate who you want as your beneficiaries. This is important if your situation has changed, divorce or separation or even a child who is no longer a financial dependant.
F — Fees
Have you checked out the fees you pay within your super? Login in and take a look at what comes out each year and ensure you’re getting the best deal. As an example, Sunsuper has an administration fee of $1.50/week + 0.10% p.a on up to $800k of your super. What’s the fee structure for your current fund, and how does it compare? In addition to this, each investment option has a fee.
G — Growth
Call up your fund and ask them how your super is currently invested. What level of growth are you set up for and do you want to change it? Call your fund and have a chat about it. If you’re a member of Sunsuper you can get financial advice at no additional cost over the phone. They’re also financial adviser friendly – with nearly 3,000 advisers registered with them, they make it easy for advisers to access and help their clients transact on their Sunsuper account. If you have a financial adviser: shoot them an email or call if you’re unsure about your current allocation.
check out Sunsuper’s fun stuff
Sunsuper has some fun stuff to check out on their website:
Retirement forecaster — keen to know how long your superannuation will last when you finally retire? Have a crack at their retirement forecaster.
How does your super balance compare? Find out how your super balance compares with other people your age — take the quiz.
Sunsuper have been our show partner for the my millennial money podcast throughout 2020 — when you’re reviewing your super throw them in the mix! Sunsuper has been both Chant West’s and SuperRatings’ 2020 Fund of the Year — check out sunsuper.com.au/m3.
