Put that New Year’s motivation to work!

10 Jan 2019 By Media Super Team

It’s a new year and we’re all feeling motivated, but unlike that new gym membership or deciding to deep-clean the house, getting on top of your super will be quick and painless. 

All you need is your laptop or phone and 30 minutes (comfy chair and a cuppa are optional). Ready? 

Check and update your contact details

Between our banks, insurance, utilities and all the other accounts we have these days, it can be easy to miss updating your contact details on some of these when you move or get a new number. 

It’ll only take a few minutes and ensures you’ll never lose track of your hard-earned retirement savings and will also be up-to-date with the latest super info and helpful tips. 

Simply log in to your account and head to the personal details page and update your address, phone number and email address, or call our friendly Helpline team on 1800 640 886. 

Find and combine* any additional super accounts

Nearly a 40% of Australians have more than one super account#and it’s potentially costing us thousands each year! 

Every super account you have is reducing your retirement savings because you’re paying multiple fees and possibly multiple insurance premiums. Getting all your super together in one account is simple and will only take a few minutes – no forms, no fuss. 

Log into your account and click ‘Consolidate’ in the menu to bring up the Find My Super page. Then just click the ‘find my super’ button and wait a few minutes for your results. You can then choose which accounts you want to combine with your Media Super account. 

If you have any questions about combining or run into any trouble using the search, please give the Helpline a call on 1800 640 886. 

Check how you’re tracking

Do you know how much super you’re likely to have or how long those savings will last when you retire? You can easily check by using our Retirement Income Simulator in your online account

Answer a few questions, set a yearly income goal for retirement and see how you’re going. 

If you’re not sure what yearly income you need, why not start with the “comfortable” benchmark and then adjust up or down.  You can find out more about what “comfortable” and “modest” retirement lifestyles look like here

On track? Fantastic! If not, there are simple things you can do to help you achieve your goal. These include:

  • making voluntary contributions, either before tax (salary sacrifice) or after tax
  • setting up a spousal contribution from your partner (this can be especially helpful to continue growing women’s super balances during maternity leave)
  • choosing an investment option better suited to your circumstances. 

Get started by using the e-advice feature in your online account – it can help you develop a contribution strategy and suggest an investment option based on your needs. 

If you want to discuss your options further or would prefer to speak to someone, give our friendly Helpline team a call on 1800 640 886. 

 

# ATO data for multiple super accounts to 30 June 2018 (https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super...

 

*Before making a decision to combine your superannuation, you should consider any costs such as exit fees, change to insurance cover or loss of benefits that may apply and, if necessary, consult a qualified Financial Advisor.