When it comes to your super, every little bit helps.
For a lot of people, getting their head round preparing for the future now can be tough, especially if you’re relatively young or find it hard to put money aside. A good way to think about superannuation is to think of it as paying yourself forward. Even small amounts that you set aside now can make a huge difference long term.
Super is all about setting up the future that you want. What you do today could mean a lot for you tomorrow. And while it’s compulsory and automatic for most people in the workforce to receive employer contributions into a superannuation fund, there are ways to make the most of what you have today.
Research suggests that employer contributions are not necessarily enough. While only you can decide how much is enough, your ideal future changes every year, so it’s worth thinking about how much money you’ll need to maintain your preferred lifestyle.
For this reason, it’s worth considering boosting your super. Discover how you can increase your chances of a comfortable retirement:
Five helpful tips on boosting your super
Taking one hour to sort your super today could add thousands to your retirement savings.
Here are five simple steps you can take to boost your super:
1. Consolidate your super
Did you know that over 6 million Australians hold two or more super accounts?
And for every super account you hold, you pay a set of fees.
Depending on these fees, consolidating your accounts into one could save thousands of dollars over time and be a strong boost to your retirement savings in the future.
If you know the details of your other funds including the fund name or USI and your member number you can consolidate through your online account.
2. Find and claim your lost super
Did you know that there is over $20 billion in lost and ATO-held superannuation in Australia?
Not sure if some of these are yours? Log in to MyGov to find your lost super. If your lost super has been transferred to the ATO you can still retrieve it, but do it as soon as possible to ensure you don’t miss out on any investment returns.
3. Choose the right investment strategy
How you choose to invest depends on your risk appetite. But as you move into different stages of life, different investment options will arise that might be appropriate for your situation and worth considering.
For example, if you are in the early stages of your career, a growth investment option, while it’s higher risk, can offer higher returns over the long term. Talk to your financial advisor (or Virgin Money Super customers can seek simple super advice at no additional cost, over the phone, to help you decide where to invest your money based on your risk appetite) and find out which is the smartest option for you and your life stage.
With Virgin Money Super, you can choose between our straightforward LifeStage Tracker® programs and our ‘choose your own investment mix’ programs depending on how involved you want to be.
The right investment strategy can directly dictate the prosperity of your retirement, so it’s worth investigating.
4. Boost your balance with additional contributions
You can contribute extra money into your super account through concessional or non-concessional contributions. Use our Retirement Income Calculator to see how additional contributions can improve your Super balance at retirement. Limits apply to how much you can contribute to super in any one financial year. See our website for more information on contribution types and the limits that apply.
5. Consider switching funds
Every super fund has different fees and unique investment strategies, but you can definitely pay too much and miss opportunities with the wrong investment strategy.
You can choose which fund your employer pays your super contributions. So, do a bit of research and choose the best fund for you. Look for things like:
- The lowest possible fees but that still provide good performance
- Investment options that suit your comfort with risk
- Strong investment rationale including an understanding of your life stages and objectives
- Other helpful services that help you make the most of your super balance
Virgin Money Super offers some of the lowest fees in the market. We also keep things simple to make saving for retirement easier and cheaper for you.
When you become a Virgin Money Super member you can take advantage of:
- A Baby Break while you’re on maternity or paternity leave
- A simple consolidation process
- General super advice at no additional cost
- Flexible investment options with no switching fees
So, if you’re looking for a reputable super provider to help you make the most of your 9.5%, jump online and check out Virgin Money Super.
Already a member? See how you can boost your super. Login to your super portal and check your balance, find lost super and consolidate today.
This information is of a general nature only and does not take into account your personal financial situation, needs or objectives. As we don’t know your financial needs we can’t advise if Virgin Money Super will suit you. Please consider the Product Disclosure Statement, Product Guide, Insurance Guide and Financial Services Guide before making a decision about the product. For further information about the insurance options refer to the .
It is very important to note that superannuation is generally a long term investment. Past investment performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a fund. It is very important to note that superannuation is a generally long term investment and that past performance is not indicative of future performance.
Prepared by Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 AFSL 286869. Virgin Money Super is a plan in the Mercer Super Trust ABN 19 905 422 981. Virgin Money Super is issued by Mercer Superannuation (Australia) Limited (MSAL) ABN 79 004 717 533 AFSL 235906 as trustee of the Mercer Super Trust. For more information about Virgin Money Super, please refer to the PDS which is available free of charge on our website or by calling the Customer Care team on 1300 652 770.
Super: Virgin Money Super is a plan in the Mercer Super Trust ABN 19 905 422 981. Virgin Money Super is issued by Mercer Superannuation (Australia) Limited (MSAL) ABN 79 004 717 533 AFSL 235906 as trustee of the Mercer Super Trust.