Take a simple super health check-up
29 March 2023
5
min read
Many of our members dedicate themselves to looking after the community, but it’s also important to take care of your super.
Any time is a good time to do a super health as keeping track of it could help you take control of your financial future.
If you are a QSuper account holder, simply log in to Member Online, or download the QSuper app, to keep on top of the transactions made on your account during the past year.
It may be helpful to start your super review by checking how your super is tracking using our Super Projection Calculation.
But there’s lots more you can do to make sure your super is working effectively for you.
7 steps you could take to make sure your super is on track
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.
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.
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.
The QSuper Investment Choice calculator may help you design an investment mix that suits you.
QSuper Accumulation account holders have peace of mind knowing their super can include death and total and permanent disability cover and income protection cover, subject to eligibility and conditions.
If members need to make a claim, we aim to make the process as simple as possible.
Everyone's insurance needs are different, so it's important to understand how much cover you have, and whether it is right for your unique circumstances. Try our insurance needs calculatorto make sure you have insurance cover that’s right for you.
Your super doesn't automatically form part of your estate, and can't just be included in your Will, but you can choose what happens to super when you die.
Choosing who you'd like your super to go to when you pass away can give you peace of mind that your family will have a financially secure future.
Find out more about binding death benefit nominations.
Seek support
Once you have reviewed your super, you might like to consider professional guidance, which can give you the knowledge you need to help you make confident choices today so you'll have the finances you need to live the life you want in the future.
With your membership, you have access to online advice or over-the-phone advice about your QSuper account. Deciding what is best for you will depend on your personal circumstances and you may want to seek personal financial advice to get the most from your superannuation. You can find out more about financial advice options at qsuper.qld.gov.au/advice
This document contains general information only and doesn’t take into account your personal objectives, financial situation or needs. Before acting on any information in this document, you should consider the appropriateness of the information with regard to your objectives, situation and needs. You should consider obtaining financial advice tailored to your circumstances. Before making any decision to acquire or continue to hold any financial product, you should consider whether the product is right for you by reading the relevant product disclosure statement (PDS) and Target Market Determination (TMD).