Life is busy and with everything else on your to-do list, it’s easy to put your super on the back burner – especially if retirement feels a long way away.
If you haven’t looked at your super in a while, you may want to take advantage of our super health check service, which is an opportunity to discuss your super and ask questions about your account.
If you’re a Vision Super member, you can have one super health check per year at no additional cost – it’s included in the membership fees you already pay.
What is a super health check?
A super health check is a conversation with an adviser to help you understand how your super works, where it stands today and what it could provide in retirement.
An adviser can talk you through:
- Your balance and contributions, including making extra contributions.
- Your investment options and how your super is invested.
- Your insurance cover within your super.
- Your beneficiary nominations – who you’ve nominated to receive your super if you die.
Book your super health check >
Why make time for your super?
You don’t need to wait until retirement is close to get to know your super. It’s your money, so it’s worth brushing up on your super knowledge. Currently, your employer pays 12% of your total qualifying earnings to your super fund and this money is invested to help it grow over time.
When this investment earns money (also known as investment returns), the earnings stay in your account and are invested too. This means you can earn money on both the employer contributions and your investment returns. This is called compounding or earnings on earnings.
The longer your money is invested, the more time compounding has to work. And this snowball effect can have a big impact by the time you reach retirement, with the Super Members Council estimating that compound investment returns could make up to 75% of a typical worker’s final super balance.
This is dependent on the performance of your investments though, and investment returns can go up or down according to market fluctuations. Our investment options have different levels of risk and potential return, with investment options that aim for higher returns usually carrying more risk.
Not only do you get to choose how your super is invested, but you can also make personal contributions in addition to the ones made by your employer to give your super an extra boost. However, knowing where to start can be difficult if you’re unsure how super works or which areas need reviewing.
This is where a super health check could be helpful – you can make a direct booking here. For more information about the different advice services we offer, you can download our tailored advice brochure.
If you’re not a Vision Super member but would like to learn more about the fund, you can contact us on 1300 300 820 or visit visionsuper.com.au/why-choose-vision-super.
The financial advice and other services accessible to members are provided by employees of the Trustee (or a related entity) that are authorised representatives of Industry Fund Services Limited (IFS) ABN 54 007 016 195 AFSL 232514. These services are provided on behalf of IFS, not the Trustee.
References to a ‘Vision Super Financial Planner’ is a reference to a representative of IFS that is authorised to provide personal advice that takes into account your personal circumstances. Other IFS representatives (advisers) may provide members with general advice, guidance or factual information (that is, assistance that does not constitute personal advice). Before making any decision in relation to any of our products, you should read the appropriate Product Disclosure Statement and Target Market Determination (TMD) at visionsuper.com.au.
This article contains factual information only and has been issued by Vision Super Pty Ltd (ABN 50 082 924 561) (AFSL 225054) as the Trustee of the Local Authorities Superannuation Fund (ABN 24 496 637 884) (‘Vision Super’). If you would like advice that takes that into account your personal circumstances, consider contacting a Vision Super Financial Planner.
