A focus on long-term performance
Money magazine’s Best Retirement Innovator 20232
It’s easy to focus on the short term with the cost of living rising1, but it can be wise to not forget your long-term retirement plans. Find out how to make your money work harder in 2024.
We’ve put together five simple tips that can help you save money now, grow your super and feel more confident about life after work.
To get a clear picture of your super balance right now, QSuper account holders can simply log in to Member Online. You can check how much you and your employer have contributed, fees and insurance premiums that have come out of your account, and any money you might have rolled in from other super funds.
Here are 5 steps to help save some money now, and also make sure your super is working as hard as you are for your future:
1. Look for lost super
Australians have billions of dollars in unclaimed super. Some of it might be yours. Finding your lost super can be key to helping you reach your retirement goals. If you want to check if you have any lost or unclaimed super, we aim to make it quick and simple through Member Online. Through Member Online, you can search for a full list of any super accounts you have with other super funds and any ATO-held super that may belong to you. There are no paper forms to sign or mail in.
2. Consolidate your super
Consolidating, or combining your super, including any lost super, means moving all of your super into one account. One super account means one set of fees. Before you consolidate your super, you should check with your other super funds about any fees or loss of insurance or other benefits. You should also consider any other individual circumstances at the time, while more information can be found here.
3. Salary sacrifice to super
Salary sacrificing to super is when you pay part of your salary into your super account before tax, instead of it being part of your take-home pay. This can have some potential benefits:
Save on tax
Salary sacrifice contributions to your super are generally taxed at 15%2, which is usually less than your normal tax rate if you earn more than $45,000 per year.
Add to your savings
Your super grows over time Anything extra you put into your super now makes a big difference to how much you end up with when you retire.
You can simply talk to your employer about arranging to salary sacrifice to your super if it is right for you.
Keep in mind that there are limits to how much you can contribute on a concessional basis to super each year. You can find out more here.
4. Make voluntary contributions
Even small amounts from your after-tax pay each week or month may make a big difference to your savings, and you may be eligible for a tax deduction.
A voluntary after-tax super contribution is money you choose to pay into your super fund from your after-tax income or savings and is different from salary sacrificing which happens before your income is taxed.
Keep in mind that there are limits to how much you can contribute after-tax to super each year. You can find out more here.
5. Review your investments
Choosing the right investment option for you can make a big difference to your retirement lifestyle.
Your investment goals will probably change over time. What’s right for you at age 25 may not be right for you as you get closer to retirement when you may want a more stable option to give you certainty over your future finances.
Take the opportunity to consider the mix of each asset class that best suits your circumstances.
The QSuper Investment Choice calculator may help you design an investment mix that suits you.
Personal financial advice may help you save money right now, build a better future retirement, protect what you have and set strategic goals.
Find out more
1. Australian Bureau of Statistics, Selected Living Cost Indexes, Australia, 1 November 2023.
2. If you income plus before-tax super contributions is over $250,000, an extra 15% tax may apply to your contributions.
This information and all QSuper products are issued by Australian Retirement Trust Pty Ltd (ABN 88 010 720 840, AFSL 228975) (Trustee) as trustee for Australian Retirement Trust (ABN 60 905 115 063) (Fund). Any reference to “QSuper” is a reference to the Government Division of the Fund. This is general information only, so it does not take into account your client’s personal objectives, financial situation, or needs. Before your client acquires or continues to hold any financial product, you should consider whether the product is right for your client by reading the relevant product disclosure statement (PDS) and Target Market Determination available at qsuper.qld.gov.au/docs or call us on 1300 360 750 to request a copy. If you do not want to hear from us, except when we are required by law to contact you, please call us.
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