With all the different information and options available, setting up your super can seem overwhelming. Thatís why weíve 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, itís important to establish your current situation with a couple of questions:
Once youíve answered these questions, youíre ready to start getting on track for the retirement you want in five simple steps.
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:
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:
If you have super in a number of different accounts, itís likely youíre paying more fees than you need to. By consolidating your super into the one account you can:
Itís easy to do and will help you maximise your super.
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:
There is a lot to consider when making the decision about when to retire. Itís important to take into account:
Our tools can help you understand your options as you approach retirement and how much you may need to completely 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 Ďhow should I invest?í 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 isnít affected.
Youíll need to consider insurance, but you may be unable to top up your insurance through your existing benefit within the fund. Itís 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.