Home Superannuation 5 Easy Ways To Sort Out Your Superannuation for Spring!

5 Easy Ways To Sort Out Your Superannuation for Spring!

written by Shelley Marsh 08/09/2014
Sort Out Your Superannuation

Yayyyy!  Spring has sprung (not that you can tell from our recent weather!) and it is time to get cracking on sorting out all those things you have neglected over the cold winter months.  Now I am not just talking about getting rid of the dust bunnies hiding behind the furniture (guilty) but spring can be a great time to sort out your superannuation too!  I know most people would rather poke their eyes out with hot sticks than think about their superannuation.  However, the truth is that superannuation is your friend; it is there to help you out when you get older and want escape from the world of work forever.  Unfortunately nowadays you cannot rely on the pension to save you as governments creep the qualification age further and further away.  So do it!  Follow these five easy steps and sort out your superannuation for spring and keep yourself off the cat food in retirement!

(1) Get to know your superannuation

Ok so if superannuation is your friend then you need to check in with it and get to know it a little better.  The more you know about your superannuation, the more comfortable you will feel in making decisions about it.  Most funds allow you to access your account on the internet, and some on your phone or tablet.  Login and check your balance.  Knowing how much you have in your super account is a fantastic start to your spring clean.

(2) Check which option your money is invested in

Now take a look at which option your money is invested in.  Which option you choose can have a big impact on how much you will have at retirement.  Which option is right for you is entirely an individual choice and is influenced by factors such as your age, stage in life and risk tolerance.  Get your fund to explain to you what each investment option means and the risks involved.  Many industry funds offer free financial advice.  So if you are the member of an industry fund, ring them and see if you can access that service.

(3) Check your insurance

Super funds offer three types of insurance: life; total and permanent disability (TPD) and Income Protection (IP).  Ask yourself the important questions: do you have the right type/s of cover?  Do you have the right amount/s of cover?  Which is the right cover and how much you should have is entirely an individual choice.  What is right for one person might not be right for another.

(4) Track down any lost or unclaimed super

Apparently there is over $18 billion in lost and unclaimed superannuation that is waiting to be found.  Some of it could be yours!  Superannuation often gets lost when you change address, jobs or name and let’s face it most of us have done one of those things at some time or another.  The Australian Tax Office’s SuperSeeker site will find any of your lost or unclaimed superannuation.  You can use SuperSeeker to claim the lost funds and consolidate them into your current superannuation account.

(5) Consolidate your accounts

Many Australians have more than one superannuation account and we all know superannuation companies like to charge fees.  Over time these fees can eat away at your retirement savings.  Consolidating your accounts can help reduce the amount of fees you are paying and make your superannuation easier to keep on top of.  The SuperSeeker site from the ATO can also consolidate your accounts for you.  It is quick, easy and free.  Even better you do not have to fill out any paper forms!  Yay!!  Alternatively you can contact your fund and they might have a service where they can do it for you.

Spring is a time of renewal.  So lavish some of your spring cleaning attention on your superannuation.  You won’t regret it as it could save or make you thousands of dollars in extra retirement savings.  Which is a much bigger payoff than spring cleaning the hall cupboard or sorting out your wardrobe! Oh, which I must get on to! 🙂

Which area of your finances do you think deserves a spring clean?

This week I am linking up with the lovely Hope from Nanny Shecando for “Step Into Spring!” post series!!

Click here to pop over and see my other fab spring post on her blog called “5 Ways To Spring Clean Your Finances!”

If you liked this post, you might also like:

The Superannuation Co-Contribution – How To Get An Extra $500 Superannuation For Free

How To Pay Off Your Mortgage Faster

5 Websites That Will Make Or Save You Money

How To Save On Your Health Insurance

 

Disclaimer:

The information contained in this post is general in nature and does not constitute financial advice.  Please see your financial advisor for advice specific to your individual circumstances.

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18 comments

5 Ways To Spring Clean Your Finances 09/09/2014 at 2:01 am

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Mums Take Five 09/09/2014 at 10:20 pm

oh can’t i just hire you to find my super for me …. i’m sure its not millions 🙂

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Shelley Marsh 10/09/2014 at 6:20 am

LOL Mums Take Five! Sure! 😉

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Hope @NannyShecando 09/09/2014 at 10:32 pm

Oh Shelley, you and your informative posts really put me to shame. I feel a bit like super, what super? Must get on top of things! xx

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Sheridan Anne 09/09/2014 at 10:38 pm

My poor husband has super all over the place. I’ll definitely look into SuperSeeker – it sounds really easy!

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Shelley Marsh 10/09/2014 at 6:19 am

Hi Sheridan, it is really easy and I love that you don’t have to fill in any paper forms. My hubby did it to consolidate his lost super and even he was shocked at how easy it was.

Reply
Spring Crafts: Pipe Cleaner Flowers 10/09/2014 at 2:01 am

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A DIY Springtime Centrepiece 11/09/2014 at 2:04 am

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Lydia C. Lee 12/09/2014 at 7:03 am

Great advice!!

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Shelley Marsh 28/09/2014 at 7:55 pm

Thanks Lydia! I appreciate you stopping by!

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Seana - Sydney, Kids, Food + Travel 12/09/2014 at 8:21 am

Eeek… my super has dust bunnies. I know I have a couple of tiny amounts and that I really need to get them all together in one place… there’s a weeny amount in the UK too… what a pain… but you’re dead right that spring is a time to get stuff done… groan, then grin and get on with it.

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Shelley Marsh 28/09/2014 at 7:55 pm

Yes I hear you Seana!! I cleaning my wardrobes as we speak – that is why I am doing all my blog comments 🙂

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Mums Take Five 13/09/2014 at 9:44 pm

Thanks for linking up for Sunday Brunch! always great to see you

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Shelley Marsh 28/09/2014 at 7:53 pm

You too Bel! 🙂

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Sarah - Hunting for Ladybugs 14/09/2014 at 11:10 pm

Argh, I haven’t visited my super in agggeeesssss. I have rolled all my accounts together as I’ve moved jobs so surely some points scored there. Thanks for the reminder Shelley ~

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Shelley Marsh 28/09/2014 at 7:53 pm

Well done Sarah!! I am a huge fan of consolidating. It is just so much easier to figure out where you are at!

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How Do I Know If I Have Enough Superannuation? 04/12/2014 at 6:10 pm

[…] 5 Easy Ways To Sort Out Your Superannuation […]

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A Touch Of Spring: Rolled Felt Flower Brooch 21/05/2016 at 11:13 am

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