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Get into 2021 confident you are getting the most out of your super. Taking five simple actions today may help you feel more in control of your future.
Keeping track of your super just as you keep track of your bank accounts or other money could help you take control of your financial future.
QSuper members can simply log in to Member Online anytime to get a clear picture of your super balance, how much you and your employer have contributed, fees and insurance premiums that have come out of your account, and any money you’ve rolled in from other super funds.
Here’s 5 other simple steps to take this year to help ensure your super is working as hard as you for your future:
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.
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, QSuper aims 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.
Salary sacrificing into your super means having some of your salary or wages paid into your super fund instead of to you.
It may benefit you as your super fund will tax these contributions at 15%, which is the same as your employer's contributions. (Although certain, higher incomes are taxed at 30%). For most people this will be lower than your marginal tax rate and means you benefit because you pay less tax while boosting your retirement savings.
In a further benefit to you, the sacrificed component of your total salary package is not counted as assessable income for tax purposes. This means that it is not subject to pay as you go (PAYG) withholding tax.
You can simply talk to your employer about arranging to salary sacrifice to your super if it is right for you.
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.
Choosing the right investment option for you can make a big difference to your retirement lifestyle.
Your investment choices 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.
QSuper’s Investment Choice calculator may help you design an investment mix that suits you.
Look for lost or unclaimed super through Member Online.
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