3 super resolutions that are worth making

The New Year is always a time for reflection and resolution. It signals a fresh start, a clean slate, so it’s no surprise that the majority of us make resolutions around this time. 

When it comes to resolutions, super is often overlooked. Which is crazy, because your super is going to be one of the biggest (if not THE biggest!) sources of income for your life in retirement.

It’s good practice to also make a few resolutions regarding your super – here, we cover three super resolutions you can make that can really improve your financial position in years to come.

New Year resolutions

 

Resolution #1: Contribute extra into your super

Ok, so you’re full of motivation now it’s a new year and want to apply this to your super. The first thing you can do is contribute a little extra into your super.

Resolve to start contributing into your super. Set up small but regular contributions into your super (that way, your hip pocket won’t even notice). 

Go to the Retirement Income calculator and see how contributing small amounts regularly will improve your financial position at retirement. You’ll be amazed to see what a difference this could make to your financial position at retirement!

This step is also where a financial planner really adds value; they can help you define your goals and suggest a course of action to help you get there. You can even speak with one of our financial planners about a contribution strategy.

Start contributing extra: download the Voluntary contributions form or call Member Services for a copy.

Use our Retirement Income calculator: see how much you could have at retirement and explore ways to boost your super. Visit our website to try it out for yourself. 

Resolution #2: take a look at your investment strategy

This is an important one. How your super is invested will directly impact your super balance and ultimately your income in retirement. That’s why it’s important to review your investment strategy from time to time - what worked for you a few years ago may not suit your circumstances now.

Remember, super’s invested for a long time - most of us will have 10, 20 or even 30 years before we can access it, and even in retirement it’ll be invested for another 20 years or so. This means you may be able to invest in higher-growth options that provide greater returns over time because you have a longer investment timeframe. It also means that you have plenty of time to tweak your investment strategy as you go along to make sure it’s still working for you.

Resolve to see how your super is invested and make sure it continues to align with your financial goals and return expectations. 

Once again, a financial planner can help you with investing your super – our financial planners can give you general (free) advice regarding investing your super. Simply call Member Services on 1800 757 607 to arrange a callback from a financial planner.

Resolution #3: find and combine

Ok we cheated a little here, as these are 2 resolutions rolled into one!

If you’ve worked in different jobs and industries, chances are you will have super in more than one account. Let’s face it, super can be complicated enough without having to deal with multiple accounts and correspondence from each fund. By combining accounts, it’s easier to manage and have oversight over your money – plus you save on fees. 

Resolve to keep your super all in one account where you can manage it efficiently. Having all your super in one account means you:

  • save money by only paying one set of fees
  • have less paperwork to deal with 
  • can manage your overall investment strategy effectively
  • can keep track of your super balance more easily; and
  • save time by having only one account to manage.

Before you combine your super, it’s worth checking whether your other fund will charge you an exit fee and whether you’ll lose any insurance benefits.

And while you’re at it, why not look for any lost super? At 30 June 2019, there was over $20 billion worth of lost super in Australia – and some of that could be yours.

The good news is that you can quickly and easily consolidate your super accounts through MyGov - simply log in to your MyGov account and follow the steps to submit your request.

We’ve made it super-simple to find and combine – our microsite is a one-stop shop to get super sorted in 3 simple steps. We call it the 3Cs - combine, choose, contribute. 

Get your super sorted

Visit www.yoursupersorted.com.au to learn more and get started today!


Disclaimer:
The information on this page has been issued by Maritime Financial Services Pty Limited (MFS). It contains general information that doesn’t take into account your individual objectives, financial situation or needs. It’s important to consider how appropriate this general information is in relation to your situation before making an investment decision. We recommend that you seek financial advice before making any decisions regarding your super or investments. The information on this page is current at the time of publishing.

 
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