Sort out your super for the new financial year

Consolidating your superAlong with putting some time aside to organise your tax return over the next couple of months, put some time aside to sort out your super too – your retired self will thank you later.

There are a few steps you can take that will help you make the most of your super and set yourself up for a better financial future.

Search for any lost super

According to the ATO, in December 2015 Australians had over $13.5 billion in lost and inactive accounts held by super funds across Australia. Chances are if you've had multiple jobs, you're likely to have multiple super funds –if they haven't been eroded by fees and insurance premiums over time.

If you haven't combined your super accounts, you could be missing out on the power of compound interest or be paying multiples fees and insurance premiums.

There's lots of ways you can search for lost super, visit combine your super. Happy hunting!

Combine and save

A lot of us have multiple super accounts we've picked up as we changed jobs. Combining your super is one of the most important steps you can take to make the most of your retirement income. If you don't act now, your multiple super balances could be reduced to nothing through multiple fees and insurance premiums – which won't help you when the time comes to hang up your work boots.

It's now easier than ever to combine your super – you can now combine online by logging into your account or by calling us on 1800 640 886 – without needing forms. All you need is your Tax File Number (TFN) and the name(s) or ABN of your other fund.

And if you're not sure where your super is, you can register your TFN online and get us to run a 'Super Match' search – we'll do all the work for you!

The sooner you put all your super together the sooner you can stop paying unnecessary fees.

Remember to check any exit fees, changes to your insurance cover or loss of benefits that may apply before closing any accounts.

Make personal contributions (every dollar counts)

The bulk of your super will come from employer contributions, but making even small personal contributions over time can make a big difference to your retirement savings.

Keep in mind that if you're a freelancer or self-employed, you're generally responsible for making your own super contributions.

Two easy options for making contributions are:

• Salary sacrifice – an agreement with your employer to pay some pre–tax salary into super.
• Voluntary contributions – payments made after tax, as either a regular or one–off payment.

Depending on your income, if you make personal contributions you may be eligible for a government co-contribution at tax time. If you're self–employed, the full amount of your contributions may be tax deductible.

Making contributions at any age will help boost your balance; but because of the power of compounding interest, contributions you make early in your working life will have a greater impact. Unfortunately, this is often when we have the least 'spare' money but even the equivalent of a few cups of coffee or lunches each week can make a difference.

Use our Contribution Calculator to explore your options and see for yourself the difference personal contributions can make over time.

Know your options

If you haven't made an investment choice, your money will most likely be in Media Super's Balanced (MySuper) option.

Everyone has different investment needs based on your stage of life, financial situation and how 'hands on' you want to be – so there may be a better option for you.

Generally, when you're younger, you may want to invest in growth options as you have a longer investment timeframe and usually can afford to take more risk. As you get older, you may gradually move to more conservative investments aimed at reducing volatility and preserving your balance.

Media Super has a wide range of investment options, ranging from pre–mixed options, to single asset class options, as well as a lifecycle option and a direct investment option.

Protect yourself

Most Media Super members are automatically provided with default insurance cover when they join. This may include:

• Death only
• Death and Total and Permanent Disablement (TPD)
• Income Protection

Unless you chose not to have default cover, then there is a chance you may have some level of insurance through your Media Super account. It's worth taking a look and seeing whether the amount of cover you have is enough for your needs.

Insurance through Media Super is an easy and cost effective way to protect you and your family – here's why:

• It can be cheaper than purchasing it yourself outside of super – our group buying power can mean it's more cost–effective for you.
• Premiums are deducted from your super account, not your household budget.
• It's flexible and you can change your level of cover at any time.

We're here to help

At Media Super, we want to see you achieve your goals and dreams – so let us start by helping to stick to your new year's resolutions.

If you have questions or would like advice about your super, you can call us on 1800 640 886 or contact us here. If you'd rather talk it through face–to–face, make an appointment with your local Business Development Manager mediasuper.com.au/BDM