How to get more joy from retirement
After a lifetime of working, retirement is the time to enjoy yourself. How will you spend it?
Right now, it’s all about you — so you can set your super up for great things.
The first step? Consider keeping it all in one place. If you’ve worked at a number of jobs there’s a chance you have more than one super account, which means paying more than one set of fees. It’s also worth thinking about topping up your super with extra contributions before life gets more expensive with a mortgage, or maybe kids.
Take the time to look at what your super is invested in. When you’re young you have many years ahead of you to weather any financial storms, so choosing a higher growth investment option might be worth considering.*
By default, life insurance (or death cover) and disability insurance — total and permanent disability (TPD) and/or income protection (IP) — is provided within super if you're eligible.
Not only can life insurance protect you if you’re diagnosed with a terminal illness, it can help protect your loved ones financially if you pass away.
Whether you’re climbing the corporate ladder or taking each week as it comes, there are ways to make the most of your super whatever your income.
If you earn under $60,400, you may be able to take advantage of the government’s super co-contribution. This means that if you contribute money to your super from your take-home pay, you may be eligible for a boost from the government. The amount the government may contribute depends on your total income and how much you contribute up to certain limits.
If you're unable to take advantage of the government co-contribution scheme, you can still make after-tax contributions or you could consider salary sacrificing extra into your super, which may save you in tax. You can set this up with your employer.
Find out more about contributing to your super.
Raising kids can be one of life’s great rewards. But less time in the workforce equals less money going into your super account, and less when you retire.
Couples can share this load by adding a bit extra to the main caregiver’s super through spouse contributions or contribution splitting.
In the best case scenario, an amicable decision on how much each person gets will be reached. If not, a court order to split the super might be necessary.
HESTA is proud to be the first Australian super fund to adopt the government's Simpler Super Splitting initiative. This offers members a simple, plain language form for court orders that can be used across the super and legal sectors and by the courts. Reach out to our team to find out more.
After a lifetime of working, retirement is the time to enjoy yourself. How will you spend it?
Having a super account means you’re an investor, and that involves taking on investment risk. Find out more about risk and why your age matters.
Expert advice at every life stage is all part of being with HESTA.