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5 areas to focus on

THE RETIREMENT YOU WANT STARTS HERE.

With all the different information and options available, setting up your super can seem overwhelming. That’s why we’ve summarised the key areas to focus on so you can get the retirement you want with minimum fuss.

Before you get into the five areas, it’s important to establish your current situation with a couple of questions:

Once you’ve answered these questions, you’re ready to start getting on track for the retirement you want in five simple steps.

How much should I contribute to my super?

Depending on when you retire, your money may need to last more than 20 years. If you are employed, and earning more than $450 per month, your employer is already making the required contributions to your super. However, this may not be enough to give you the lifestyle you want in retirement. Use our contributions optimiser calculator to find out:

how much you can afford to contribute before and after tax
whether you’re eligible for the government co-contribution
if you’re currently contributing, whether you’re within the contribution limits.

TOOLS TO HELP WITH CONTRIBUTIONS

How should I invest?

Making the right investment choices can mean the difference between achieving and not achieving the lifestyle you want in retirement. Whether you like to get actively involved or let the professionals manage your investments, you can use our tools to help ensure that your investment strategy will:

achieve your long-term objectives
provide you with the benefits of diversification
meet your needs as you get older or your circumstances change
suit your level of risk tolerance.

TOOLS TO HELP WITH YOUR INVESTMENT CHOICES

Am I in one fund?

If you have super in a number of different accounts, it’s likely you’re paying more fees than you need to. By consolidating your super into the one account you can:

see your super picture more clearly – so you always know how much you have, where it is invested and how it’s performing
control your position - with only one balance it’s much easier to manage your investment strategy and reach your retirement goals
pay less fees – paying only just one set of fees may make a significant difference to your retirement savings in the long term
save time – one statement means less time managing multiple accounts.

It’s easy to do and will help you maximise your super.

MAXIMISE YOUR SUPER IN ONE ACCOUNT

What type of protection do I need?

Insurance cover is often the last thing you think about when considering your super. The majority of members in Russell SuperSolution automatically receive insurance cover when they join but is it enough to protect you and your family? Use our tools to find out:

what cover you currently have
how much extra cover you may need
what type of cover you may need to protect your savings.

TOOLS TO HELP YOU WITH INSURANCE

When do I plan to retire?

There is a lot to consider when making the decision about when to retire. It’s important to take into account:

your current situation
whether you can afford to retire based on your current savings and planned expenses
whether you can move to part-time

Our tools can help you understand your options as you approach retirement and how much you may need to completely retire.

TOOLS TO HELP WHEN TO RETIRE

For defined benefit members

If you have a defined benefit, then you may only need to focus on one or two areas.

The question ‘how should I invest?’ may not be relevant if your investment strategy is set for you. Your employer bears the investment risk for you on the defined benefit portion of your benefit which is calculated by a formula, which means if investment markets go down, the formula-based portion of your benefit isn’t affected.

You’ll need to consider insurance, but you may be unable to top up your insurance through your existing benefit within the fund. It’s still a good idea to look at your insurance though and if you find you would like more cover, we can help you with your options.