Focusing on your financial goals

When something in your life changes, don’t forget about your super! A quick check in at different points along the way can help you stay on track with your financial goals. 

Here’s a checklist of some things to consider.

Combine your accounts

If you’ve worked in other jobs before, even part-time, you’ll probably have another super account or maybe even a few. Sparing a couple of minutes now to combine your accounts could save you wasting money on multiple fees and mean you have more money working for you.

Investments 101

Equip yourself with some investment basics, so you can understand what investment choices you have, and what might suit you now versus later. Use our Risk profiler to discover your investing style.

Start a saving habit

You work hard and you want to be able to enjoy the money you earn, but it’s also useful to understand where it goes. Use MoneySmart’s Budget planner to help you keep track of expenses and work out potential ways you can save, which you could then use to top up your super. You might uncover simple ways to save, like an unused subscription. You may even qualify for super co-contributions from the Government when you add more money into your super.

Using super to save for your first home

For Super SA Select and Flexible Rollover Product members, consider if you can save for a house deposit by using your super account and take advantage of the federal government First Home Super Saver (FHSS) Scheme.

Making up for lost time (and super)

If you’ve returned to work after taking time out, directing your before-tax salary into super could be a cost-effective way of boosting your retirement savings. The Contribution Calculator will let you see the most tax-effective way to add to your super. You can also visit the managing money section of Your Life Moments for more tips and tools on how to achieve greater financial independence.

Looking after your loved ones

We often assume that we won’t suffer major health issues until we are old, but it can happen at any time. The impacts could be financially devastating – have you thought about how you would pay your mortgage, rent, car payments, bills or put food on the table if the unexpected was to happen? Log onto the member portal to check what level of insurance cover you have and think about the insurance cover you need for you and your family. Use the insurance cover estimator to work out whether you have enough insurance to meet your needs and your family’s needs, should the unexpected happen.

In the event of your death, your Triple S balance, including any insurance will be paid to your surviving spouse, including an estranged spouse. Nominate a legal personal representative (estate) if you don’t want your benefit to be paid to your surviving spouse. Your super will then be paid to your estate and distributed according to your Will. If you don’t have a spouse, the entitlement will be paid to your estate. Either way, ensure your Will is up to date.

 

Approaching retirement and retiring