The four questions to help your super catch up with the times

Have you given much attention to your super over the years? If you haven’t, take some action in the following areas to ensure you’re on track to reach your retirement goals.

1. How much should I contribute?

If you’re working, your employer already makes contributions to your super for you.

You can also make your own contributions – before or after tax
– which can make a big difference to how much you have at retirement.

› More on contributing to your super

2. How should I invest?

Up to 90% of your retirement income could come from investment returns. That’s why you need the right investment strategy to help your super grow.

If you haven’t made an investment choice, you’ll be in the default option, which may not be right for you. Log in to your account or call the Helpline to find out which option you’re in.

Generally, growth investments such as shares and property, move up and down in value over shorter periods and achieve higher returns over the long term. Having a lot of time until you need to access your super means you can invest in these assets, ride out these ups and downs and watch your money grow.

› More on investment choice

3. Am I in one fund?

Sometimes people keep more than one super account because they think it spreads their investment risk. The reality is that if you have more than one super fund you could be paying more fees than you need to. Ultimately this means you will have less savings for retirement.

Consolidating your super can help you:

• pay less fees
• manage your investments more easily
• cut down on paperwork

› Consolidate now (pdf)

4. What protection do I need for myself and my family?

Make sure your savings are protected from unexpected events. Generally, through super there are three types of cover:

• Death insurance – a lump sum paid in the event of your death.
• Total & Permanent Disablement (TPD) insurance – a lump sum paid in the event you are unlikely to work again due to a total and permanent disability.
• Income Protection or Salary Continuance insurance – a monthly payment, typically 75% of your income if you are sick or injured and can’t work.

Provided you were eligible when you joined Russell SuperSolution, you will automatically receive a basic level of cover, but may not have all three types of insurance. You may also be able to apply for additional voluntary insurance cover above the basic level.

For most members there are real benefits of having insurance cover through your fund:

• Quicker – automatic cover if you are eligible when you join the fund
• Cheaper – insurance premiums are lower as your fund receives a bulk discount
• Convenient – premiums are paid from your super, not from your pocket.
  

For further details on the insurance cover available in your division of the Fund, please refer to your Product Disclosure Statement by logging in to your account.

More on different types of insurance

• Death insurance
• Total & Permanent Disablement insurance
• Income protection insurance

By addressing these four questions, you’ll be well on your way to getting your super on track so you can get the retirement you want.