Your super milestone

You may have had a few part-time jobs before this one, with a handful of small superannuation accounts. That summer at the café and other odd jobs. Those super accounts are still your money and you may be paying multiple sets of fees!

Consider consolidating all your super into one account. This can save on wasted fees and make it much easier for you to keep track of going forward. Taking 10 minutes now to combine your accounts could save you thousands in the longer term. Just remember to check whether you’ll lose any valuable benefits like insurance cover before transferring your super from your other fund.

Your super will be invested for a long time, so you need to have the right mix of assets working for you to get the best returns. As you are young, options with a higher amount in shares and property may be more suitable for you, as you will have time to recover from the ups and downs of the investment markets and these options generally provide a higher return over the long term.

A good starting point is to take the What type of investor am I? quiz. This will step you through the questions you should ask yourself, like when you plan to retire and how you feel about risk. You can then consider which of the Super SA investment choices suit you. If you are not sure what’s best, consider talking to a financial adviser.

Thanks to the effect of compounding (where you earn investment returns on your investment returns), putting away small amounts over a long time can help you boost your savings. For example, if Ben added $500 (before tax) each year, this could be worth $38,000¹ when he retires in 38 years’ time at age 60. Starting a good regular savings routine when you are young means you won’t need to make as many sacrifices later to try and catch up.
You may also qualify for matching contributions from the Commonwealth Government’s Co-Contribution Scheme.

You’re working hard, so you want to ensure that you are doing everything you can to make your efforts pay off in retirement. With just a few clicks, the Projection Calculator can help you estimate what super you will have at retirement, and let you see how putting in extra contributions can change the outcome.

Women also face unique challenges which can make it difficult to build up enough super. Super SA is committed to giving women the tools to take control of their super and gain financial independence. Head to Women and super to start your journey.

Unfortunately, the unthinkable can happen. What would it mean for you and your family if you died or got sick and couldn’t earn an income? Your latest Annual Statement (available in the member portal) will show you any insurance cover you might already have as part of your super. Take a look and think about your financial obligations – does the level of cover need adjusting?

Triple S and Super SA Select members can use the Insurance Needs Calculator to help with this.

If you die, your Super SA entitlement will be paid to your surviving spouse. However, if this is not your preference, you can nominate a legal personal representative (estate) so that your death benefit will be paid to your estate and distributed according to your Will. This is particularly important to keep in mind if you’re separating from your partner or in the process of finalising a divorce.

If you do not have a spouse, the entitlement will be paid to your estate. Either way, it’s important to make sure your Will is up to date.

Hopefully there’s a bit less pressure on the household finances now, so consider if you can increase your contributions to super. Unlike other funds, as a Triple S member you can salary sacrifice as much as you like², giving you potential tax advantages.

You could even start thinking about working less and having more time to live your best life, even before you retire. Read about the Transition to Retirement arrangement, where you could start accessing your super to while still working.

You might find it helpful to do some more formal retirement planning with a licensed financial adviser (see below). They can review your circumstances and suggest strategies to help you reach your goals. If you are planning your retirement as a couple, you may wish to discuss your contribution decisions together to ensure you are optimising your super savings and any available tax concessions and rebates.