3 'super great' tips for getting on top of your super
From a CEO changing the system for women
In case you hadn’t noticed, women and money are having a moment. Whether it’s all the fabulous other ladies talking money you may have noticed on Instagram, to the disproportionate impact that COVID-19 is having on women, to the vital advocacy work of new players in the financial world like Verve Super - more women are trying to get on top of their finances than ever before. Of course, we’re stoked. So, where to start when it comes to your super?
Did you know that, by the time you retire, your super is likely to be your largest asset? But most of us don’t treat it that way. Think about it like this: if you were going to buy a house, how much time would you put into going to open homes, researching suburbs in your local area, and meeting with banks and lenders to secure a home loan? Chances are, it’s weeks, if not months (or years!), of time, right? When it comes to our super, we need to be applying this same rigour to where our money is going.
But the good news? Getting your super sorted doesn’t have to take months. In fact, getting a handle on how your super is tracking can take as little as 15 minutes. Plus, booking in regular super check-ins every year can help you track the performance of your investment to make sure you’re on the right track towards a ‘comfortable’ retirement, whatever that means to you.
As the CEO of a game-changing ethical super fund, an economist and a feminist, Christina Hobbs knows a thing or ten about money, and she is urging us ladies to give this massive investment the time, attention and energy it deserves.
So, what are the CEO of Verve Super’s top three tips for getting on top of your super?
Create a plan: no matter your age, it’s never too late to put a plan in place for your retirement. Try using the Money Smart super calculator to help you project how much money you’re on track to have when you retire. This is a great way to see how you’re tracking and to motivate you to adjust and change your approach now to help you hit your super goals. It’s all about having clarity over where you’re currently at, where you want to get to, and a plan to get there before it’s too late.
Consolidate your super accounts: generally, those of us with multiple super funds are being charged multiple sets of fees that are eating into our balances. By consolidating your accounts, you’re helping to maximise the money you’ll be able to access during retirement. If you're ready to consolidate your super now, go straight to the Australian Taxation Office (ATO) online at myGov or get to know the basics on Moneysmart’s website here.
Learn how to compare funds based on risk, fees and performance: figure out what risk level you’re comfortable with and make sure your super fund is aligned with your appetite for risk. Plus, it’s also a great opportunity to compare the performance of your existing funds to assess which option will give yourself the best chance of securing a comfortable retirement. When it comes to super funds, it’s not all about choosing the one with the lowest fees - it’s also important to consider what service you get for those fees, and what sorts of returns you can expect.
There you have it! While, of course, given our financial services licenses, we cannot or would not recommend checking out or signing up with Verve Super. However, we will say this: we love what these courageous and fierce women are doing to change a system that was not designed by us or for us. From their Baby Bump program to their advocacy on the recent Make Our Future Fair campaign, and even their spearheading of the Make It Free campaign for accessible childcare, these women are changing the game and trying to make the super system better for all women. Now that’s something we can get behind!
Be sure to catch up on our Instagram Live with Verve Super Co-Founder & CEO Christina Hobbs, and while you’re at it check out our Ladies Talk Money Part 3 ‘Women’s Work’ on salaries, super and why we need to get better at valuing the work of women.
As always, the finance info discussed in this seriously fab article is general advice only. You should consider your personal circumstances or reach out if you’d like to discuss your individual needs.