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my storySticking with a good thingEven though she’s still young, Nicky has found strategies for managing her super – and is planning on sticking with them. Nicky, 26, works as an administrator and has had a variety of jobs since starting her career four years ago, including teaching English in Japan. Recently, she left her job at Newspoll (a division of News Ltd) to further broaden her experience. A Service Representative from the Russell SuperSolution Helpline helped Nicky roll her many superannuation accounts over from other super funds. “Knowing that all of my superannuation was together was a big relief, ” Nicky said. “Having it all in one place meant that I only had to worry about making sure one account was on track, which put me more at ease.”
When Nicky recently finished up at Newspoll, she didn’t want to have to go through the hassle of changing super funds that she’d experienced when she had left other jobs, so she contacted Russell SuperSolution. “It was great to know that I could transfer to Russell’s Personal Division and keep my Russell SuperSolution account when I moved jobs. By asking my new employer to make contributions into my Russell account, I’m also able to avoid having more than one super account in the future. I think that if you find a good thing, you should stick with it.” Up to $1,500 toward your superIn addition to consolidating her super, Nicky has already put other valuable investment strategies in place. She takes advantage of the Government’s co-contribution scheme, which matches the additional after-tax contributions that Nicky makes to her super account, up to certain limits based on salary. “It seemed like a really smart way for me to make my superannuation grow, without having to make huge sacrifices now. If I make additional contributions each year, the Government will give me up to $1,500 – that’s easy money, if you ask me.” Thanks to the impact of compound interest, if Nicky continues to stick with her additional after-tax contributions, the impact on her retirement savings will be significant. “When I look back in 40 years, contributing additional money each year when I was young will seem like a small amount to have paid for a comfortable retirement.” Are you eligible for the Government’s co-contribution?
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Before starting at Newspoll, Nicky had given little thought to her superannuation and had several super accounts. “Around the time I started work at Newspoll, I realised that my superannuation was one of the few investments I had, and I should start to pay more attention to it.” The introduction of the Government’s Super Choice policy meant that Nicky was able to choose the superannuation fund she wished to invest in, so she joined News Limited’s super fund of choice, Russell SuperSolution. “After comparing the benefits offered by Russell SuperSolution with the other super accounts I had, it made sense to make Russell my main superannuation account.” 