2 September 2013
Top five tips for sorting out your super: MoneySmart Week 2013
ASFA today released its top five tips for sorting out your super as part of MoneySmart Week, 1–7 September 2013.
ASFA CEO Ms Pauline Vamos says making small changes now to how and what you save can make a big difference when it comes to your superannuation balance at retirement.
“With both major parties committed to making no detrimental changes to super in the next Parliamentary term, now is an opportune time for people to look at the lifestyle they want in retirement and to put in place plans for how they are going to save enough money to live it.
“This week, we are encouraging all Australians to spend an hour sorting out their super, making the small changes that will have a big impact on their balance when they retire.”
Top five tips for sorting out your super
- Figure out how much super you will need
Many people would be surprised to hear that to live a ‘comfortable’ lifestyle in retirement – for example, one where you can eat out from time to time, buy some wine, private health insurance, take an overseas holiday and afford to buy gifts – a single person will need a super balance of around $430,000 and a couple will need more than $500,000.
“Figure out how much you have in super right now, and how much more you will need to save in order to make sure you have enough money to live the lifestyle you want and deserve in retirement,” says Ms Vamos.
- Plan to save more
Making small changes – like having one less coffee a day and putting this extra money into your super – can add thousands of dollars to your balance in retirement. The earlier you start saving, the more you will benefit so think about making these small changes today.
- Consolidate your accounts
If you’ve had more than one job, chances are you also have more than one super account. Moving all your super into one account can help you save on fees and will also make managing your super easier.
- Find lost super
Tracking down lost super is another way to boost your retirement nest egg. Currently there are billions of dollars in lost and unclaimed super, and chances are that some of it belongs to you. Use the ATO SuperSeeker tool to search for your lost and unclaimed super, then contact the fund to arrange to move it into your active super account.
- Check you’re in a fund that’s right for you
Which fund, or funds, hold your savings can have a massive impact on your how much money you have for retirement. Performance returns, fees and insurance options can differ greatly from fund to fund so make sure you do your research and compare funds to figure out which one is right for you.
ASFA’s Super Guru website is a hub of handy tips, tools and calculators to help you get the most out of your super.
Visit www.superguru.com.au to find out more.
For further information, please contact:
Lisa Chikarovski, Media Manager, 0451 949 300
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political national organisation whose aim is to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.