Super
30 August, 2021

Your seven step super health check

Apart from owning a home, your super is likely to be your biggest financial asset and will play a big part in shaping your retirement. So, it’s important to make sure your super account is healthy and on track to achieve your retirement goals.

Here are seven easy ways to keep your super growing strong.

1. Update your contact details

Super shouldn’t be out of sight, out of mind. Keeping your account contact details up to date means you’ll never miss a Member statement, account snapshot or important account update.

You can update your contact details anytime in Member Online. You can also update your communications preferences to let us know how you want to be contacted.

2. Check your insurance 

Many Australians get insurance through super. This can provide affordable and convenient financial protection if you pass away, get sick, or get injured and can no longer work.

You should regularly check your cover — including the type and amount of cover you have — to ensure it’s appropriate for your needs.

If you get married (or divorced), change jobs, have kids, buy a house, or go through any other life change that impacts your financial situation, there’s a good chance your cover needs will change too.

You can view your current cover details in Member Online. You can also cancel or apply to increase or decrease your cover at any time.

3. Nominate who gets your super

No one likes to think about dying, but if something unexpected happens, it’s important to let us know who should get your super.

By nominating one or more beneficiaries, you’re telling us who should get your super plus any insurance benefit when you pass away. You can make two types of nominations: a binding (legal) or non-binding (preferred) nomination.

Binding nominations need to be updated every three years to remain valid. You can renew, change, or cancel your binding nomination at any time.

For details, see Nominate who gets your super.

4. Consolidate your super accounts

If you’ve had more than one job, you might have more than one super account.

By consolidating your super into one account, you can save paying multiple account fees and protect yourself from paying for unnecessary or duplicate insurance fees. It also makes keeping track of your super a lot easier.

Consolidating your super only takes minutes and can be done through Member Online.

5. Start making extra contributions 

For most people, your employer makes regular super payments on your behalf, but that doesn’t mean you can’t add a little extra.

Making one-off or regular extra contributions from your take-home (after-tax) pay can help your retirement savings grow faster. If you’re a low-income earner, the government could match a portion of your contribution to your super up to $500.

You can also ask your employer to put a little extra in from your before-tax pay through salary sacrifice. Apart from giving your super a boost each pay, it could save you on tax.

For details, see Grow your super.

6. Evaluate your investment options

Most super funds let you choose from one or more investment options. Being in the right investment option at the right time can make a big difference to your super balance over the long term.

Which investment option is best for you depends on your personal goals and financial situation.

Each investment option has different risk ratings, investment strategies, and investment goals. You’ll also need to consider other factors, such as your risk tolerance and how long your super will be invested.

For more information on investing your super, we recommend getting advice (see below).

To see your investment options, go to Investment options.

7. Get the right advice

You don’t have to be an expert to get the most out of your super. Getting advice is a great way to ensure your account is set up to help achieve your individual retirement goals.

All Spirit Super members have access to Superannuation Advisers who can provide general and intra-fund advice about super and your Spirit Super account.

You can access advice over the phone or in person, at our offices or at your workplace (where available).

To see your advice options, go to Get advice.

Any advice given in this article is provided by Quadrant First Pty Ltd (ABN 78 102 167 877, AFSL 284443) (Spirit Super Advice), which is wholly owned by Motor Trades Association of Australia Superannuation Fund Pty. Limited (ABN 14 008 650 628, AFSL 238718), the trustee of Spirit Super (ABN 74 559 365 913). A copy of the Financial services guide for Spirit Super Advice is available at spiritsuper.com.au/financial-services-guide or by calling us on 1800 005 166. You should consider the Product disclosure statement available at spiritsuper.com.au/pds or by calling 1800 005 166 before deciding if the fund is appropriate for you.