If you have multiple super accounts, it makes sense to consider combining them. This could help you cut down on fees and put the power of compounding interest to work for your money. But before you combine your super, make sure you review any insurances you might have attached to your accounts, as these accounts will close and your insurance will be cancelled if you transfer your money. Also check if there will be a loss of benefit or exit fee.
While the now 10% compulsory super contribution is a good start, if you want a comfortable retirement you may need to add a little extra.
Speak to your employer about setting up regular salary sacrifice contributions from your before tax pay and boost your super while reducing your income tax. You can also make a personal super contribution and claim a tax deduction.1
Expecting to come into some money this year? Why not contribute some or all of it to super? If you’re aged under 67, you may be able to make an after-tax contribution to super of up to $110,000 per year.
Better yet, you may be able to bring forward up to two years of unused caps to make a contribution of up to $330,000 (subject to eligibility requirements).
To work out the best way to make extra contributions to your super, try our Boost My Super calculator.
No one likes to think about it, but who gets your super and insurance if something happens to you? A binding nomination tells us who should receive your super (and any insurance you have) if you pass away, so it’s a really important part of managing your super.
To check your binding nomination(s) log into your online account or our mobile app, and go to the Beneficiaries section. To download a Binding Nomination form visit eisuper.com.au/nominate.
If your partner (married or de facto) is earning a low income or not working, you may be able to make a spouse contribution on their behalf from your after-tax income. Depending on how much they earn, making a spouse contribution is a great way to boost their super for the future, and you may save on tax.
For example, if your spouse earns less than $40,000 and you make a $3,000 contribution to their super, you may be eligible for a tax rebate of up to $540. For more information about spouse contributions, visit our Grow your super webpage.
Super is a long-term investment that grows throughout your working life to fund your lifestyle in retirement. So it’s important to select an investment option that aligns with your attitude to risk, retirement goals, years left in the workforce and other considerations.
You can choose from a range of expertly designed and managed investment options and can change your investment option anytime by logging into your online account or our mobile app, and going to the Investments section. There is no fee charged for making an investment choice.
To understand your attitude to risk, try our Risk Attitude Quiz and discover more about your investment options and your attitude to risk. It’s all available in the Investments section of your online account.
If you’d like more information on how you can maximise your super, speak to an EISS Super financial planner. To make an appointment, call 1300 369 901 or visit eisuper.com.au/appointment.
1 Australian Tax Office, ‘Personal super contributions’, ato.gov.au, Jul 2021.
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