When you’re planning your finances for the year ahead, for most people super isn’t something that makes the list. But, as super is likely to be one of the largest assets you’ll own, it’s worth considering how your super is tracking, and if there are any changes you can make to ensure it’s working best for you. You’d be surprised the difference a couple of quick little changes can make.
Firstly, take a look at your super balance. Is it sitting where you expected? Whether you’re close to retirement, or if it’s a long way off, it’s always good to keep an eye on how you’re tracking. Check out our Retirement Projection calculator, and in just 60 seconds you can find out.
If you’d like to add a little bit more to your super, you can consider making additional contributions to increase your balance while you’re working. Salary sacrificing (before tax) contributions can be an effective way to boost your super while potentially reducing your tax along the way. Do the research to find out if salary sacrificing is right for you as there are some scenarios (such as being a low income earner) where making a contribution after tax could be better for you. Plus, there are rules around how much you can salary sacrifice.
If you’d like to know more about salary sacrifice and the difference it can make, try our Boost My Super calculator.
Do you know how your super is invested? Your super is your money, so choose how you want it invested. Is it invested in the default (MySuper) option, or have you chosen a different option? Although the EISS Super MySuper option is designed to provide solid investment returns to a wide range of members, we know that investing isn’t one size fits all.
We offer a range of expertly designed investment options each with a different level of exposure to growth and defensive assets, and you can change how your super is invested at any time. Consider talking to an expert (there’s no extra cost) before making an investment switch as there are a number of things to take into account such as your investment goals, how long you have until retirement, your attitude to risk and any associated fees.
How long is it since you’ve checked out how much personal insurance you have? Is it still appropriate cover for your current situation? Has a recent life event occurred that may require a review of your insurance cover?
As a member of EISS Super, you receive Default Death and Total and Permanent Disablement Cover once you’re 25 years of age and your EISS Super account balance reaches $6,000. You can adjust your insurance at any time, or apply for additional (voluntary) insurance through your super but be careful if you’re thinking about reducing your cover because you’ll need to apply and be approved by our insurer if you decide to increase it in the future. To get a good understanding of how much cover is appropriate for you, you’ll need to look at your finances, assets, financial commitments and dependents. The start of a new year is a good time to make sure you’ve got the right cover to protect you and your family in the unfortunate and unplanned events of disability, illness or death.
You can get personal professional advice from an EISS Super superannuation adviser about how to make additional contributions to your super, what investment option is best for your super savings and insurance within your super. We can help you over the phone or via video if you prefer.
Book an appointment and find out how you can benefit from simple advice about your super. Click on the button below, or call us on 1300 369 901 (option 2).
Set yourself on the right super track for 2021 today!
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