Updated on 30 July 2024
4 minute read
The new financial year can be a great time to make some positive changes that could potentially grow your wealth.
For most people, superannuation will make up a large part of their retirement income which is why it is essential to regularly consider how much super you might need in retirement and whether this amount is enough or if you might like to make extra contributions. There’s also been some changes being made to super from 1 July 2024 that you should be aware of.
An important part of retirement planning is having a good understanding of how much your employer is contributing and whether you need to make additional contributions to ensure you’re on track for retirement. Checking if you are on track for retirement is easy – just head to our retirement calculator and input your details.
Member Online allows you to view your account balance along with your annual statements which will show your super balance as at 30 June of the relevant financial year. If you’ve got an Accumulation account, your annual statement should have a projected estimate of what your super balance might be when you retire based on your investment strategy.
If you have more than one super account, you could be paying multiple fees. And multiple insurance premiums.
To find out if you have more than one super account, you can log in to Member Online or the App and follow the steps to search for your super. If you decide that consolidating your accounts is right for you, you’ll also be able to do this here.
You can check your current investment strategy in Member Online or the App. We offer a wide range of investment options (with a new choice investment option menu from 1 July 2024). Our website offers information about our investment options and how they can best suit your retirement goals and how much risk you are comfortable with. We’ve even developed a quick quiz to help you decide what kind of investment options suit you best. It’s important to take into account your retirement goals, life stage and what you consider to be an appropriate risk level when reviewing your investment options.
Life’s full of changes, so it’s good to know Australian Retirement Trust's insurance cover is flexible so you can make updates as your life changes. Firstly, it’s important to check your level of cover to ensure it’s adequate for you and your family’s needs. You can do this in Member Online, via the Australian Retirement Trust app or check your latest Annual Statement to see the level and type of insurance you have. If you need to change or cancel your insurance cover, you can apply to increase, reduce or cancel your cover in Member Online (if you are a member of a Corporate plan, please refer to your employer microsite and the Corporate Insurance Guide for your plan as the process is slightly different for some members). If you’re unsure how much cover you might need, you can use the insurance needs calculator to determine how much cover you might need. If you are member of a Corporate plan, you can find more information about insurance cover in the documents available on your employer microsite.
Who will inherit your super (including any insurance benefit)? It’s not easy to plan ahead in the event the worst should happen. Being prepared could make a difficult time a whole lot easier for the loved ones you leave behind. If you already have a beneficiary(s) in place (you can check this in Member Online), it’s important to review your existing nominations and ensure they still reflect your wishes. If you don’t already have a beneficiary or you want to change your existing nomination(s), our website has information about the process of naming beneficiaries and the different types available.
Grow your savings for life after work by making extra super contributions from your own money. Even a little bit when you can afford it can make a big difference. Depending on your situation, there are different types of contributions available. If you want to do the sums and see the difference extra contributions can make to your future, use our Contributions Calculator.
Additionally, as an Australian Retirement Trust member you have access to personal financial advice about your accounts with us covering topics such as reviewing your investment strategy, growing your super balance and contribution strategies. Advice about your accounts is included with your membership1. Book your appointment today.
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1. Employees in the Australian Retirement Trust group provide advice to members and employers as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No. 227867) (SFS), that is wholly owned by the Trustee as an asset of Australian Retirement Trust. SFS is a separate legal entity responsible for the financial services it provides. Eligibility conditions apply. Refer to the Financial Services Guide for more information.
