Ways to grow your super
Published on 08/03/2018
Super is one of the single largest investments you’ll ever make, so it makes sense to take an interest in it. Changes you make to your super now could make a big difference to your financial position in the years to come.
The 5 C's to help grow your super:
To get the most out of your super it can’t be a ‘set and forget’ approach. Checking in on your contributions and account balance is a great way to ensure you’re getting the most out of your super. Prime Super members can take advantage of this by downloading our App or visiting your MemberOnline account on your desktop, mobile or tablet devices. At a minimum you should also check you annual statement.
2. Consolidate & Contribute
When securing your lifestyle for retirement, superannuation plays an important role. We’re here to help simplify the ways you may choose to make additional contributions in addition to the Superannuation Guarantee (SG) contributions made by your employer. Contributing a lump sum or even small amounts over time can help significantly boost your super and may have tax saving implications as well.
It’s equally important to investigate things like how many super accounts you have as you could be paying extra money in fees and additional insurance covers. Our new SuperMatch2 process will even find all other lost super accounts giving you the option to consolidate them all in one straightforward click. Login to your MemberOnline account to search for yours here today.
3. Customise your insurance cover
When joining, you will generally receive a default level of Death & TPD insurance cover designed to support you or your family in the event that you become ill, are injured or if you pass away. You can increase, decrease, or cancel your cover at any time to ensure it continues to suit your individual circumstances. It’s important to consider what the right level of cover is that you would need to protect you and your family. Prime Super members also have the option to take out Income Protection insurance cover through your super.
4. Consider your investment strategy
Prime Super offers you a choice of ten different investment options and you can make your own investment choice when joining the Fund or at any time thereafter, and there is no charge to make changes to your investment strategy.
5. Calculate how much you will have
How much is enough to finance your life in retirement? Use the super calculator to see how far your super may go. Websites like the government’s moneysmart.gov.au can also help you to work out how much you need and how much you may have in retirement based on your current financial position.
Prime Super members also have access to advice services that cover general superannuation information.