Sorting out debt is a great way to take control of your future. While retirement may seem distant, managing your debt could help you reach it sooner. And you’re not alone. There are different options to explore and AustralianSuper can help you access advice1 to make a plan that’s right for you. Whatever your path to retirement, we’re with you.
How to tackle debt
Budget wisely @(Model.HeaderTypeLevelDown)>
Assess and prioritise your debts @(Model.HeaderTypeLevelDown)>
Consider consolidating debt and refinancing @(Model.HeaderTypeLevelDown)>
Revisit and reassess @(Model.HeaderTypeLevelDown)>
Check for potential super savings @(Model.HeaderTypeLevelDown)>
Explore other resources @(Model.HeaderTypeLevelDown)>
The importance of paying off debts before retirement
You might be planning to wait until you retire to pay off your debt when you access your super but paying it off sooner could save you a lot in interest payments. You also need to think about how you plan to fund your retirement. Using super to pay off debt can reduce your retirement income, and you might miss out on future investment returns.
‘Ideally, we don't want to use our super to pay off debt…Generally, it's always a good idea to start hacking away at those debts, and that's especially because of the power of compounding interest on that loan.’3
– Fern Havea, Financial Planner, AustralianSuper
Getting the right advice for you
The journey to retirement is unique for everyone, especially when debt is involved. AustralianSuper is here to support you with tools, webinars and access to advice options to help you prepare for retirement - and manage debt.
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Important information to consider @headerType>
- Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd. Fees may apply.
- Before making a decision to combine your super, you should ask your super provider about any fees or charges that may apply, or any other information about the effect this transfer may have on your benefits, such as insurance cover.
- Fern is an authorised representative of Industry Fund Services. AustralianSuper has engaged Industry Fund Services Limited (IFS) ABN 54 007 016 195, AFSL 232514 to facilitate the provision of financial advice to members of AustralianSuper. Advice is provided by financial advisers who are Authorised Representatives of IFS. Fees may apply. Further information about advice services is in the relevant Financial Services Guide, available by calling 1300 138 848. IFS is responsible for any advice given to you by its Authorised Representatives.
- There’s no charge for general advice about your super account. The financial advice you receive will be provided by Link Advice Pty Limited ABN 36 105 811 836, AFSL 238145 and will be their responsibility. Personal product advice provided may attract a fee, which will be outlined before any work is completed and is subject to your agreement.
- Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd. Some personal advice may attract a fee, which would be outlined before any work is completed and is subject to your agreement. With your approval, the fee for advice relating to your AustralianSuper account may be deducted from your AustralianSuper account subject to eligibility criteria.