Whether you're at uni to train for your dream job, upskill for a career change, or just challenge your mind, you'll find yourself busy. And finding time to manage finances can easily slip away. Some simple tips and checks can help keep you across your money - even if it seems like a long time until you can access it!
For many people, being at uni means juggling a busy schedule of education and paid work. You may even have a few different jobs. This can lead to your super getting paid into multiple funds. Below are some tips to help you keep track of your super.
Tips to keep track of your super
1. Choose a fund you can stay with for the long-term
Choose a top-performing fund for your super – one you can stay with for the future. Look at admin fees and performance over the long term and consider your future. If you’re in your early 20s, your super is invested for at least 45 years, so long-term performance is key.
2. Let any new employers know which super fund you’re with when you change jobs
For most jobs you can choose which fund your employer super contributions are paid into.. Just tell your employer which fund you are with and provide them with the details needed. These include your fund’s unique superannuation identifier (USI) and Australian Business Number (ABN).
If you’re an AustralianSuper member you can download this form to give to your employer, with the key information already filled out.READ MORE: NET BENEFIT AND WHY IT’S IMPORTANT TO YOUR SUPER
3. Make sure you're getting super contributions
If you’re working while you’re studying, and earning over $450 a month before tax, you’re eligible for employer super contributions.
In Australia, your employer must pay a minimum of 9.5% of the value of your wage into your super fund. This is called the Super Guarantee (SG) and you’re eligible if you’re:
- Classified as an employee (as opposed to a contractor)
- 18 years old and over, and earn more than $450 before tax in a calendar month
- Under 18 years old, earn more than $450 before tax in a calendar month, and you work more than 30 hours a week.
Make sure you understand what you’re entitled to, so you don’t miss out on any payments.
The SG rate is legislated to rise on 01 July 2021 to 10%, and then by 0.05% a year until it reaches 12% by 2025.
4. Understand net benefit
Your super fund’s main job is to contribute to the growth of your retirement savings by delivering you returns on the money put into your super. You do your bit – your money goes in; a good fund does its bit – by investing your money with skill and focus. The combined result should be a growing balance over the course of your working life and in retirement.
That’s the investment part. Then there’s the fees – what your fund charges to manage and invest your money.
In relation to your super, net benefit is: the investment return delivered to you by your super fund, minus the admin fees, investment fees and taxes charged by your fund.READ MORE: NET BENEFIT AND WHY IT’S IMPORTANT TO YOUR SUPER