Superannuation (Part 2)

Is your superannuation on track?

 

Part 2 of our superannuation toolkit continues with some tips on how to assess the state of your existing superannuation.
When you have retirement savings in a superannuation account, it’s a good idea to check in from time to time and make sure it’s on track to provide you with funds for the retirement you want. Statewide Super has a simple Super health check you can do online to review if your super is in good health and working for you.
Finding your lost superannuation and consolidating your accounts

If you’ve had various jobs over the years, you might find that you have accumulated a few different superannuation accounts. You may even have superannuation you aren’t aware of. Locating all of your super and consolidating it into one account may allow you to keep track of your retirement savings more easily and possibly save money in fees and charges. However, it is important to consider the effects of combining your superannuation into one account and the impact that may have on your retirement savings.  You should also consider the impact of consolidating your superannuation and any insurance cover you may be entitled to and the fees and costs charged by each fund you have an account with.

A woman stands next to a glass case which holds a variety of different objects

Image: BB Shoemaker Photograph: Aise Dillon

These links will provide more information about the things you should consider before deciding to consolidate your superannuation accounts:

Find your superannuation: https://www.ato.gov.au/Individuals/Super/Growing-your-super/Keeping-track-of-your-super/#Checkyoursuper

Consolidate your superannuation: https://www.moneysmart.gov.au/superannuation-and-retirement/keeping-track-and-lost-super/consolidating-super-funds

If you are not sure whether you should combine your super into one account, you should seek financial advice.

For more information about superannuation, see the Australian Taxation Office website.

 

See Part 1 of our superannuation toolkit for access to information about what superannuation is, what it means for sole traders and how to determine how much superannuation you might need in retirement.

The information provided contains general advice which does not take into account your specific objectives, financial situation or needs. Before investing, you should consider the appropriateness of this general advice with regard to your personal circumstances. You may also wish to obtain independent financial advice.  This toolkit is not intended to be, and should not be construed in any way as, investment, legal, or personal advice.

Statewide Super does not guarantee, warrant or make any representation as to the accuracy or completeness of the content of this document. Information provided on products, legislation and taxation matters is provided as an overview and is of a general nature only.  It does not take into account your specific objectives, financial situation or needs, and you should think carefully about the appropriateness of this general advice with regard to your personal circumstances.  We recommend you obtain independent financial advice from a suitably qualified expert on matters covered in this presentation and consider the applicable Product Disclosure Statement available at statewide.com.au or by calling 1300 65 18 65.

This toolkit has drawn resources from several websites including the Australian Taxation Office, the Australian Securities and Investment Commission the Association of Superannuation Funds of Australian and Statewide Super.

Statewide Super has a Super Hub at 211 Victoria Square where they regularly run information sessions about retirement planning, superannuation and investments. For more information visit https://www.statewide.com.au/. Statewide Super members can also meet to discuss superannuation and receive personalised advice about investment options, insurance cover and even contributing to your Statewide Super account, all at no additional cost.

Statewide Superannuation Pty Ltd ABN 62 008 099 223 (AFSL 243171) Trustee and RSE Licensee of Statewide Superannuation Trust ABN 54 145 196 298 (“Statewide Super”). In deciding whether to acquire, or continue to hold, a Statewide Super product, please consider the applicable Product Disclosure Statement (PDS) available at statewide.com.au or by calling 1300 65 18 65.

Statewide Super holds an Australian Financial Services Licence (AFSL) that allows it to provide both general and personal financial advice. For further information and a copy of the applicable Financial Services Guide, visit www.statewide.com.au or call 1300 65 18 65.