Keen to save some cash? Here’s a good place to start, with some deliciously quick tips to help get on top of your super!
Pretty much everyone has super – if you’ve had a job, yes, that includes you!
As a proud super holder, it is important you’re across these easy and important tips…
Tip 1: Access your super online
It is important that you can access information about your super online, but to do this you first need to register an account.
To do this, simply go onto your superfund’s website and register an account. Simple. Easy.
Once this is done, you will be able to:
1. Monitor your super balance
2. Choose an investment strategy
3. Take control of your fees
Tip 2: Streamline your accounts
If you have worked multiple jobs, you may have multiple super accounts. This is a bit of a problem.
Multiple accounts can mean multiple sets of fees eating into your super (and heaps more annoying admin).
Good news though – our friends up in parliament have provided a super easy fix: my.gov.au is an online platform to that can help to easily consolidate your super.
Step 1. Create a myGov account
Step 2. Link your account to the ATO (Australian Taxation Office)
Step 3. Select ‘Super’
Step 4. Select ‘Transfer Super’ (this option will only appear if you have 2+ accounts)
Step 5. Double check that your employer is transferring to your consolidated account
Goodbye extra fees. Hello extra retirement holiday.
Tip 3: Stop being overcharged
Sometimes superfunds will offer extra services (life insurance is usually the main one). These services come at a cost, usually deducted from your super. These fees really stack up over time.
It is worth checking your account to ensure that you only pay for the services that you actually want! Run an eye over them and opt out of any that aren’t necessary for you.