Published date: 1 August 2024
For most of us, super's potentially one of the biggest investments we'll ever have. But many Australians don't do much to take charge, which can lead to a big gap in our future retirement potential.
So, we created a monster-sized metaphor for super to help more Australians see the power they can have over their super and future by getting on top of what could really be a monster.
Retire with more
Research shows you could be better off in retirement if you take charge now.
Millions of Australians aren’t engaging with their super, and many more feel their balance isn’t in a good position for their age.1
Key findings from research we’ve released shows:
- 67% of people surveyed don’t feel their super is in a good position for their age
- only 37% know how to manage their super investment options
- 37% are planning to retire in the next 20 years
- nearly a quarter (22%) haven’t checked their super account in the last 12 months
- 31% have received financial advice in the last year.
6 simple ways to awaken your super
Many people miss out on potentially having more money in retirement. That’s why it's important to invest a little extra time in your super today and take simple steps to unleash its potential.
Here’s 6 steps to get on top of your super now.
1. Size up your monster
Use our retirement calculator to help estimate how long your superannuation balance might last in retirement based on your desired annual income. Knowing how long your balance will last can help you plan for how much super you might need to retire.2
2. Do the monster mash
Combine your accounts now and have more later. Consolidating super could save you money and make it easier to stay on top of your super monster.3
Before you consolidate your super, please consider if the timing is right and if you will lose access to benefits such as insurance or pension options, or if there are tax implications
3. Your super style
Our quick quiz can help you work out your risk profile and the kind of investor you are. We offer a range of different investment options including diversified and asset class options designed to meet our members’ needs.4
4. It’s feeding time
Money paid into your super account is called superannuation contributions. As well as benefiting from employer super contributions, you can grow your savings for life after work by making extra super contributions from your own money. See the types of contributions you can make because even a little bit when you can afford it can make a big difference.
5. Take cover
We use our size and scale and work hard to provide flexible, affordable insurance cover for our members. Find out more about the cover you might need with our insurance calculator and the cover available in super.5
6. Unleash your super potential
Consider getting financial advice so you can make confident decisions for your future and awaken your super monster.
1 Survey of 1,000 Australians, carried out by Ipsos on behalf of Australian Retirement Trust from September-November 2023.
2 Retirement calculator is for Accumulation account holders only.
3 For defined benefit members restrictions may apply to rolling money into your corporate defined benefit account. If this applies to you, you can rollover into a new or existing Super Savings account instead.
4 For defined benefit members, investment returns apply for any Additional Accumulation account you may hold. For more information on your defined benefit refer to the defined benefit handbook on your employer’s microsite.
5 For more information, refer to the Insurance Guide available on your employer’s microsite.