Life Stages
Over 55? Boost your super now.
Starting out
You're starting out in life - just landed your first job, having fun with friends, busy with your new career and enjoying new experiences! Go out and have fun, but take a couple of simple steps and set yourself up for financial security in the future.
When you start your first job, your employer may be required by law to contribute to super for you, but don't just sign on for any super fund. Compare the fees of a number of funds, look at their performance over a three and five year period, and ask what other services they offer, including advice.
Unless there is some sort of workplace agreement in place, you have the right to choose which super fund you sign up with.
Setting up your super
When you set up your super, choose an investment option that is going to work well for you. Generally speaking, when you have a long time to invest your money (until you retire at 65!) you may prefer to choose a higher risk/high return investment option. Remember, this is your money and it should be working for you right from the beginning of your career.
Protecting your income
Think about taking out income protection insurance with your fund so the premium is deducted directly from your super account, leaving your pay packet alone for the fun of living.
If you fall and break a leg on the Italian ski slopes and can't work for three months, at least you'll still have money coming in to save for the next overseas trip!
Quadrant offers all this and more. As an industry fund, Quadrant doesn't pay commissions and our fees and returns are very competitive.
If you think fees and commissions are no big deal, consider this...
Total annual fees that cost 2% of your fund balance rather than 1% could reduce your final payout by up to 20% over a 30 year period. As an example, it could reduce your payout from $200,000 to $160,000. And that's a lot of your money.
Checklist
- Choose a super fund that suits your needs (remember to check their fees and whether they charge commissions)
- Choose an investment option that you are comfortable with
- Seriously consider income protection insurance through your super fund.
