Start getting financially fitter

BY REI SUPER

It's easy to neglect your super. But our Wellness Check provides simple steps that could make a big difference to your future financial well-being.

1. FIND AND COMBINE ANY LOST SUPER

There’s currently billions of dollars in lost super in Australia – some could be yours if you’ve changed names or moved jobs a lot and not taken super with you. Owning multiple super accounts means you’re paying multiple fees and (probably) multiple insurance premiums. This is money that should be boosting your super, not draining it, through the power of compounding interest. Find and combine all your super accounts today, and you’ll also enjoy having less paperwork moving forward.

2. REVIEW INVESTMENT OPTION/S

Depending on how close you are to retiring and your appetite for risk, changing your investment options (or mix) could really impact how your super performs. We invest in Cash, Bonds, Shares and Unlisted Property and Infrastructure which are not open to individual investors. Each investment option has different performance objectives, risks and investment time frames, so you should choose the option/s that best suits your needs. All our options aim to outperform industry averages and benchmarks. Learn more about how we manage investments.

3. MAKE EXTRA CONTRIBUTIONS

It may sound obvious, but making even small extra contributions to your account each month can make a big difference to the size of your super account come retirement time. The most common method is Salary Sacrifice, where money is ‘sacrificed’ from your salary before tax and put into your super to grow. This means you could also save on tax as these contributions are only taxed at 15%. Other options are making after-tax contributions, such as lump sums (commissions, payouts); low-income earners may be eligible for a Government CoContribution; or if you’ve taken time off to study or raise children, your spouse may be able to contribute to your super.

4. CHECK YOUR INSURANCE COVER

What stage of life you’re in often dictates how much and what type of insurance/s you need. For example, young people renting and with no dependents may need more TPD (Total and Permanent Disability) Insurance and less Life Insurance cover than someone with a partner, children and a mortgage.

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