4 May 2022
These 5 simple steps can help you take control of your super and help change your financial future for the better.
Super is your money, for your retirement. Spending a little time setting up you super can help it grow over the years. Find out the 5 basic steps to setting yourself up for success.
Fast track your super savings in 5 easy steps
1. Compare and choose a super fund
A great starting point is to consider a fund trusted by others with a history of strong long-term investment performance*, low fees1 and a profit-for-member approach.
2. Consolidate any other funds
If you have more than one super fund, you’re probably paying more than one set of fees. So, combining your super accounts into one super fund may save you thousands throughout your working life2.
You can search for lost super and combine super from multiple accounts into your AustralianSuper account. It takes minutes with our consolidation tool.
Not a member? No problem, you can also consolidate your super through your myGov account at my.gov.au
3. Contribute more
The more you add to your super, the better chance it has to grow3.
Contrary to popular belief, if you start contributing at a young age, you can make a big difference to your final balance. Slow and steady wins the race when it comes to super.
4. Check your insurance
Most super funds offer some form of default insurance cover when you join. For example, AustralianSuper offers eligible members basic age-based Income Protection, Death and Total & Permanent Disablement Cover when they first join4.
Insurance through super can be a cost-effective way of protecting you and your family from life’s ups and downs. But it can also be one of your biggest costs. It can be worthwhile to check all the details to make sure you have cover right for your lifestyle and you’re not paying more than you need to.
5. Continue with your fund
Choosing the right super fund from the start and taking it with you through your career into retirement, is one of the simplest ways to grow your super and achieve the retirement you want.
Get help managing your super
If you’re an AustralianSuper member you can get advice to suit your needs at every life stage. Members have access to general advice and some simple advice at no additional cost, or paid comprehensive personal advice.
Simple advice for members
For general advice, adding to super, insurance or transitioning to retirement, call us on 1300 300 273, 8am to 8pm AEST/AEDT weekdays5.
For comprehensive personal advice, it’s recommended that you meet with a trusted financial adviser to help you with a detailed financial plan. We work with a network of financial advisers with whom members can connect.6
Information for those approaching retirement age
Join one of our free education seminars. These are for members, and non-members and can help you understand some key areas of super and retirement planning. AustralianSuper members are welcome to register a guest.
1. Chant West Super Fund Fee Survey at 31 December 2021. Based on $50,000 invested in the AustralianSuper MySuper Balanced option.
2. Before combining your super, ask your other super provider about any fees or charges that may apply, and other information about the effect this transfer may have on your benefits, such as insurance cover
3. Before adding to your super, consider your financial circumstances, contribution caps that may apply, and tax issues
4. The cover provided automatically is based on your plan, age, account balance and if you are receiving contributions. You can apply to increase, decrease or cancel your cover anytime. Age limits and other conditions apply. Read the relevant Product Disclosure Statement and Insurance in your super guide for more information.
5. 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. Some personal product advice provided may attract a fee, which will be outlined before any work is completed and is subject to your agreement.
6. 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.
This information is general financial advice which doesn’t take into account your personal objectives, situation or needs. Before making a decision about AustralianSuper, you should think about your financial requirements and refer to the relevant Product Disclosure Statement. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/tmd. AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.
Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.