What can I do to maximise my super?   Lots!

There are some important steps you can take whilst you are working or being self-employed, to make sure you’re getting the most out of your superannuation benefits.

The earlier you start taking control of your super, the more likely that you’ll be better supported at retirement age.

This is your savings account; one that can make you more than 0.1% on in interest!

Yes, this super account is one that is used for saving for the long term and the funds are not readily available, but could be made available in certain circumstances, subject to government regulations.

Now, some action steps to take – 

First of all, check that you are eligible for super payments and that your employer is paying you your super.  Employers should be paying super if you earn over $450 gross, per calendar month, for people aged over 18 years.

If you’re self-employed, make a commitment to put some money into super, perhaps once per month, off your pre-tax turnover, up to the recommended 9.5%/yr. to keep you aligned with an employee’s super entitlements.

Consolidate all your super accounts into perhaps one low-fee, member-focused super fund such as an Industry Super Fund.   But:
–  Check for any termination fees from your existing fund/s?
–  Check you are getting the same level of insurance in your new fund and/or the new level of insurance you require.
–  Check if your employer can contribute to your new fund?

– Check if their reporting procedures are in line with what you expect to know and need.

– Check if their website and information is as understandable as it can be.

If you’re working, make voluntary super contributions to your fund to take advantage of the tax benefits.

If you have a partner, check out how they can help boost your super by making spousal contributions or arranging contribution splitting from their employer.

If you’re on a lower income make an after-tax contribution to your super and reap the benefits of the Federal Government’s Co-contribution scheme.

If you’re on an average or higher income, make a before-tax contribution to your super – known as salary sacrificing – and take advantage of the tax benefits.

If you earn a bonus or have a windfall, invest some of that money   in your retirement by making an extra contribution to your super fund.

If you haven’t reviewed your super for a while compare your existing super fund with others in the market and ask yourself if your fund is meeting your needs. Fees and investment performance are important factors to consider. 

Look at your super investment mix and decide whether it matches your needs and risk appetite.

Make sure that you have access to your super fund portfolio by way of an app, or printed statements.  This is your money, not your employers, nor the super fund manager or shareholders.

Check out whether the fund is investing in companies that suit your morals and ethics.

Give it the love and respect it deserves and know that you will reap the benefits in the future!

Disclaimer alert!  Please know that I am not a financial expert in any way, shape or form. Please refer your questions to your accountant, financial planner, or super fund, that suit your individual needs.