Retirement
5 tips to boost your super over summer
Just a few minutes of effort now could pay off significantly in the long run.
5 tips to boost your super over summer
With many Aussies enjoying a well-deserved break or easing back into work as the new year begins, Industry Super Australia (ISA) has put together a list of simple super tips that it says could make a lifetime of difference.
“There are five easy tips to getting your super right and most can be done from the comfort of your deck chair, beach towel or at home,” said ISA chief executive Bernie Dean.
Firstly, ISA suggests that individuals should check with their super fund to ensure they are getting paid all of their legal super entitlements.
Three million workers are impacted by unpaid super each year, according to the industry body, with a total cost of $5 billion.
“With the Super Guarantee set to rise to 12 per cent it is even more important to make sure you are getting paid your full legal entitlement and that the fund is working for you,” said Mr Dean.
ISA also encouraged workers to check that their current fund is meeting their needs by comparing it with other super products.
Recent changes to super stapling could cost individuals hundreds of thousands of dollars by being stuck with an underperforming super fund. Only 7 per cent of the one million members of underperforming funds had closed their accounts as of November last year.
Consolidating multiple super funds into one account by finding lost or unpaid super via tools provided by the Australian Taxation Office is another way workers can boost their super.
Individuals should also ensure that the type of fund they are in and the level of insurance coverage provided is appropriate.
“Make sure the investment strategy matches your needs and appetite for risk – which your fund can help you with,” said ISA.
Finally, ISA encouraged workers to consider putting any extra money they come across, from loose change to a windfall such as an inheritance, into their super.
“It is a tax-effective way to make savings and with the power of compounding interest a little invested in super now, makes a big difference in retirement,” the industry body said.
RELATED ARTICLES
Superannuation
Payday Super bill introduces new challenges for SMBs, reveals Employment Hero CEO
The introduction of the Payday Super bill to the Australian Parliament has sparked a significant response from the business community, particularly among small and medium-sized businesses (SMBs)Read more
Superannuation
Rest urges Parliament to expedite payday super legislation
In a significant move towards enhancing retirement outcomes for Australian workers, Rest, one of the country's largest profit-to-member superannuation funds, has expressed strong support for the ...Read more
Superannuation
Recalibrated super performance test aims to enhance accountability and investment opportunities
In a move that signals a shift rather than a cessation, Australia's government has announced a targeted review of the superannuation performance test. This recalibration, prompted by the latest ...Read more
Superannuation
Super performance test faces a fork balancing member value productive investment and regulatory trust
APRA’s latest superannuation performance test results have reignited a high‑stakes debate: does the test optimise member value or unintentionally curb long‑term investment in housing, infrastructure ...Read more
Superannuation
Aware Super unveils innovative digital tool to boost retirees' financial confidence
Aware Super has unveiled a groundbreaking digital advice tool, Retirement Manager, designed to empower retirees by addressing their most pressing financial concerns. Developed in collaboration with ...Read more
Superannuation
APRA's super shake-up: Balancing accountability and innovation in the next round
Australia’s performance test has forced long-overdue transparency in super and accelerated consolidation. But as the regime broadens, its blunt edges are colliding with investment complexity, ESG ...Read more
Superannuation
APRA’s performance test is doing its job — but now it risks doing the wrong job well
Australia’s superannuation performance test has flushed out chronic underperformance and catalysed consolidation. But its latest results have reignited a bigger question: can a single, ...Read more
Superannuation
Rest invests in US-based REIT amid changes in debt financing markets
In a strategic move that underscores the evolving landscape of commercial finance, Rest, one of Australia's largest profit-to-member superannuation funds, has announced a significant investment into ...Read more
Superannuation
Payday Super bill introduces new challenges for SMBs, reveals Employment Hero CEO
The introduction of the Payday Super bill to the Australian Parliament has sparked a significant response from the business community, particularly among small and medium-sized businesses (SMBs)Read more
Superannuation
Rest urges Parliament to expedite payday super legislation
In a significant move towards enhancing retirement outcomes for Australian workers, Rest, one of the country's largest profit-to-member superannuation funds, has expressed strong support for the ...Read more
Superannuation
Recalibrated super performance test aims to enhance accountability and investment opportunities
In a move that signals a shift rather than a cessation, Australia's government has announced a targeted review of the superannuation performance test. This recalibration, prompted by the latest ...Read more
Superannuation
Super performance test faces a fork balancing member value productive investment and regulatory trust
APRA’s latest superannuation performance test results have reignited a high‑stakes debate: does the test optimise member value or unintentionally curb long‑term investment in housing, infrastructure ...Read more
Superannuation
Aware Super unveils innovative digital tool to boost retirees' financial confidence
Aware Super has unveiled a groundbreaking digital advice tool, Retirement Manager, designed to empower retirees by addressing their most pressing financial concerns. Developed in collaboration with ...Read more
Superannuation
APRA's super shake-up: Balancing accountability and innovation in the next round
Australia’s performance test has forced long-overdue transparency in super and accelerated consolidation. But as the regime broadens, its blunt edges are colliding with investment complexity, ESG ...Read more
Superannuation
APRA’s performance test is doing its job — but now it risks doing the wrong job well
Australia’s superannuation performance test has flushed out chronic underperformance and catalysed consolidation. But its latest results have reignited a bigger question: can a single, ...Read more
Superannuation
Rest invests in US-based REIT amid changes in debt financing markets
In a strategic move that underscores the evolving landscape of commercial finance, Rest, one of Australia's largest profit-to-member superannuation funds, has announced a significant investment into ...Read more
