Regular superannuation contributions, investment returns and the power of compound interest over many decades will generally keep your super growing well for your retirement years. However, there are a few other simple things you can do to give your superannuation savings an extra boost.
Review Your Super Account
It’s a good idea to check that your super account has been set up to best suit your needs. You should also review your account on a regular basis (e.g. through your online MemberAccess account or your annual statement), especially if your circumstances change.
Combine Your Super Accounts
If you have more than one super account, consider combining them into one account to save on fees. Otherwise you will be paying administration fees for multiple accounts, and you could be paying for multiple insurance premiums. If you want to combine your other super into your Christian Super account, click here to learn how.
Check Your Investment Option
If you haven’t chosen an investment option, you super will probably be invested in your fund’s default option. For Christian Super this is our My Ethical Super option. Our Investment Guide contains details of the other investment options that are available to you, which you may wish to consider based on your life stage and expected retirement needs. Generally speaking, a higher growth investment option will deliver higher returns in the long term however in the short term it will experience greater fluctuations year-to-year, conversely a lower growth option will deliver lower long term returns but with less variability year to year.
If you’d like to review your investment option, you can access FREE online advice via our SuperEquip tool or you can contact us to make an appointment for a phone-based advice session. Click here to learn more.
Review Your Insurance
Members who join Christian Super and receive mandatory employer contributions will be provided with our automatic default insurance cover once they are 25 years of age and their account balance has reached $6,000. However, all members have the option to apply for or change their insurance cover at any time to suit their personal requirements.
It’s important to check that your current level of insurance cover is appropriate and that your super fund has been provided with all information relevant to your insurance (e.g. your fund should be aware of the type of work you do, so that you are appropriately classified for your occupation), otherwise you could be paying incorrect insurance premiums.
To review the insurance in your Christian Super account, log in to your online MemberAccess account or contact our Member Care Team. If you’re not sure what level of insurance cover you might need, you can access FREE online advice via our SuperEquip tool or you can contact us to make an appointment for a phone-based advice session. Click here to learn more.
Note that insurance isn’t available for Christian Super members once all of their money is in a Pension account. Furthermore, all insurance cover will cease when a member turns 70. You can find further details in our Insurance Guide.
Make Additional Contributions
Making additional contributions to your super can help you reach your retirement goals faster.
Click here to learn more about the various ways you can make additional contributions.
Note that your ability to make additional contributions from age 67 to 74 is dependent on whether you satisfy the work test (i.e. you must be gainfully employed for at least 40 hours in any 30 day consecutive period during the financial year in which the contributions are made). Additional contributions cannot be made from age 75 onwards, however you can still receive employer contributions if you are working.
If you have any questions please contact our Member Care Team – we’re here to help.