Understanding Your Super

Super.  It may not be the most exciting topic, but it is really important to get your super right — and it is not that hard to do.  Here’s how:

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Lots of people don’t think about their super until they get close to retirement.  All too often, it means they can miss opportunities to make the most of their savings.  If you take an interest in your super early, you can do more to help it grow and your money will have more time to accumulate.  That means you will be better prepared when you need it.

Choose the right super fund

There are lot of super funds out there, and they are not all the same.  The returns you get, and the fees you pay, can vary considerably.  It pays to do your homework. How well has your super fund been performing?  Does it have a good understanding of the industry you work in?  HESTA is a partner of carecareers, so it will come as no surprise that we recommend you check out HESTA’s member offering.  If you don't choose your own fund, your super money will automatically go into your employer's default fund.

Don’t end up with lots of accounts (and fees)

If you are changing jobs, it is an easy trap to end up with a number of different super accounts.  Each account will incur fees, so try to avoid having more than one if you can.  Many employers have a recommended fund but, in most cases, the choice is down to the individual employee.  So, whenever you start a new job, be sure to specify the fund into which your super contributions are paid.

If you are not working, keep an eye on your super fees

If you take a break away from work, be aware of any ongoing costs on your super account.  Some funds have default insurance cover, and premiums can continue to be charged even when there is no money coming into the account.  Check your options if you are concerned about depleting your balance.

Be secure with a reputable super fund

The best super funds keep it simple and design their services to meet the needs of their members. They know that most of their customers don’t want to spend their life worrying about their finances. There is real peace of mind in having a quality fund looking after your interests, and quietly building your means to enjoy a secure future.

You can find more information on super on the Moneysmart site

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