Superannuation 101: How to Get Your Super Sorted
If you’ve been putting off sorting your superannuation because it feels too hard or confusing—don’t stress. You’re so not alone! Super often feels like that boring adult thing you’ll deal with “later,” but the truth is, the sooner you get it sorted, the better your future self will thank you. Think of it as setting yourself up for a comfy retirement filled with brunches, travel, and all the good vibes. So, let’s dive into how to get your super sorted without the overwhelm.
Step 1: Find Your Super Accounts
First things first: let’s find your super. If you’ve worked multiple jobs, you might have multiple super accounts (and probably don’t even realize it). To check:
Head to the MyGov website and log in. Link your account to the ATO (Australian Tax Office), and you’ll see all your super accounts listed.
If you spot “lost super” or accounts you forgot about, it’s time to bring them all together.
Step 2: Combine Your Super Accounts
Having multiple accounts means paying multiple fees—and that’s so not what we want. Combining your accounts into one means fewer fees and less hassle. Most funds make it super easy to roll your other accounts over; just check their website or call their customer service.
But before you combine, check these first:
Are you happy with the insurance offered by your current fund?
Are there any exit fees for leaving your old fund?
Is your chosen fund the best fit for you?
Step 3: Check Your Fund’s Fees
Speaking of fees, let’s chat about them. Super funds charge fees for things like account management and investments. While fees aren’t always a bad thing, high fees can seriously eat into your balance over time.
Look for a fund that offers competitive fees. Most funds will break these down into categories like admin fees, investment fees, and insurance premiums. If it seems like you're paying a lot for minimal returns, it might be time to shop around.
Step 4: Understand Investment Options
Your super fund invests your money so it can grow over time. Most funds offer different investment options, ranging from conservative (lower risk, lower return) to high growth (higher risk, potentially higher return).
If you’re young, you might want to consider a higher growth option since you have more time to ride out market ups and downs. But remember: it’s your money, so pick an option that feels comfortable for you!
Step 5: Check for Insurance
Many super funds include insurance, like life or income protection cover, as part of their package. This can be great—but only if it’s what you need. Take a moment to review your insurance and make sure:
You’re not paying for cover you don’t need.
You have enough cover if something unexpected happens.
If the insurance doesn’t work for you, you can adjust or opt-out (just make sure you have other cover sorted if needed).
Step 6: Choose a Fund That Aligns With Your Values
Feeling good about where your money is going is super important! Many funds offer ethical or sustainable investment options, so your super can help create a positive impact while growing your balance.
Check if your fund supports things like renewable energy or avoids industries like fossil fuels or tobacco.
Step 7: Keep Contributing!
Your employer contributes 11% of your income into your super (yay for the super guarantee), but did you know you can boost it yourself? Even a small contribution now can grow massively over time, thanks to compound interest.
If you’re self-employed or want to turbocharge your balance, consider voluntary contributions. Plus, there are some sweet tax benefits to doing this—just something to think about.
Quick Recap Checklist:
✅ Check and combine your accounts.
✅ Review fees to make sure you’re not paying too much.
✅ Pick an investment option that fits your goals and comfort level.
✅ Review your insurance and adjust if needed.
✅ Consider ethical or sustainable funds if that’s important to you.
✅ Stay on top of contributions for maximum growth.
Sorting out your super might not feel glamorous, but it’s so worth it. Think of it like a little act of self-love for future you. With just a bit of effort now, you can set yourself up for a retirement that’s as fabulous as you are. 💖
Got any tips or wins to share about your super? Let us know in the SOTM FB community!