Super Savvy – 5 Strategies To Maximize Your Superannuation

Updated on November 19, 2019

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Superannuation is a system where your money is placed into a fund for a person’s retirement. While working for a company, your employer must put money into a super account that is registered in your name. Then the account is managed within a super fund. These funds are continuously invested on behalf of the employee in order to keep increasing the investment itself. Here are five ways that you can help maximize your superannuation for your future retirement plans:

Find the Right Accountant

One of the best ways to help manage your future money is by taking control through an SMSF accountant. These are usually run by companies that provide greater access into how, where, and why your money is invested inside the super fund. These self-managed superannuation funds allow you to control how your super fund is initially set up. Most people need a reliable advisor to help them navigate the SMSF waters. This can be done by hiring the right SMSF accountant. They will help you maximize your return without all of the hassle and headaches that creating the fund on your own may cause.

Keep Track of Your Fund

Most employers are required to contribute to your super fund if you earn over a certain amount each month. Keep track of their investment by regularly checking in on the contributions to your account. Companies have been known to be slow on their compulsory contributions, and some have lapsed on paying into these funds at all. 

Knowing what is in your fund and what is not in your fund will help you keep employers accountable. Making sure your employer’s contributions are up-to-date will benefit you at the end of the financial year if you want to make any extra contributions on your end.

Find Lost Super

If you have ever worked any casual or part-time jobs, you may have missed out or not even known about contributions that were made by your former employers. You can do this by connecting your ATO account with your myGov account. You can review all super contributions on here and any contributions that haven’t been allocated because they weren’t linked to a specific account. If you worked for it, you deserve to keep it.

Combine Your Super Accounts

Many working individuals would benefit from combining their super accounts. The more accounts you have, the more fees you have and will continue to pay. This also helps to reduce paperwork and reduce the hassle of managing multiple supers. Two exceptions exist where perhaps consolidating would not be your best option. One exception is if you are in a defined benefit fund. The second consideration would be if you have any medical conditions where your insurance premiums would be affected.

Review Your Insurance Coverage

Whatever your age, it is always a good idea to review your current insurance coverage through your super to make sure that it accurately matches your personal situation. You can choose to pay for certain premiums if you are married or have children versus if you are single. Checking into certain life insurance and disability premiums may be the right choice for you. This would be a good time to recheck your beneficiary information and update it if necessary. You can also look into income protection through your super.

All of these tips encourage you to take control of your superannuation through research, finding the right people to advise you, and continually tracking the progress of your retirement investments.

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