5 reasons to supercharge your super as you near retirement
Get more hands-on with your superannuation before you finish up work forever.
It's good to be proactive in managing your superannuation.
Now, this doesn't mean that you need a self-managed super fund. It's more to do with keeping an eye on your fund's performance and ensuring you're setting yourself up for success during retirement.
So if you've been leaving things in set-and-forget mode for a while, why not take a look at some of the reasons you should get a bit more hands-on and supercharge your super before retirement?
1. Get the help you need with retirement planning
People often think of retirement in terms of "not having to go to work anymore". This is true, but there's a lot more to it than that.
It's a significant lifestyle change. You'll need to rethink your finances, goals and how you spend your time.
You'll no doubt be able to do some of this thinking on your own, but it's also worth calling in the experts for help – your super provider may be able to assist.
For example, TelstraSuper members have access to personalised advice about retirement and financial planning.
Services like this from your super fund can help you prepare for retirement well before you clock out at work for the last time.
2. Create a better retirement lifestyle
Having the lifestyle you want in retirement is one of the big reasons you need to take an active interest in your super.
Everyone's retirement goals look different. For some, it's jetsetting around the world and travelling as much as possible. For others, it's settling down to a quiet life in a new home and pursuing hobbies.
Whatever you want to do in your golden years, you need to be able to fund it too.
That's where superannuation has a major role to play.
Ideally, you want to look for a super fund that offers a good mix of returns, fees and services to its members.
If your current super fund is coming up short on any of these fronts, it may be time to take a look around and see if there's another one better suited to your retirement goals.
3. Make decisions around your investment style
Not all investments are created equal – it's no different with your superannuation.
When you're reviewing your current super fund or considering a new one, check the type of investments you have.
Everyone's risk appetite is different, of course. But for many, a diversified portfolio across a range of industries can be an effective way to maximise returns and reduce risk.
Some people avoid specific types of investment too. Fossil fuel and mining investments are seeing a downturn in popularity due to their environmental impact and super funds are listening.
To point to an example, TelstraSuper offers a diversified selection of investments across many industries and asset classes.
4. Get better performance
Of course, your investments have a direct impact on the overall performance of your super fund.
In turn, your super fund's performance is one of the key drivers for how much cash you'll have available in retirement.
Past performance doesn't necessarily guarantee future performance, but you should aim for an organisation with a history of responsible and competitive investment. Take a closer look at how your super fund has been performing, particularly in comparison to other funds in the market.
However, don't just consider the last year or so – you should review long-term returns to gain a more holistic view.
If yours is consistently coming up short compared to others, it may be time to rethink where you're placing your super.
5. Secure better services
In addition to managing your cash for retirement, super funds offer a range of other services.
Depending on the specific superannuation product you've signed up for, these may be baked into the fees or optional extras that can be switched on and off.
For example, TelstraSuper offers a range of insurance options to its members, as well as access to digital tools and calculators to help with retirement planning.
Everyone's specific needs are different regarding the services they require from their super fund. But if you're reassessing your current fund or considering making a switch, they should be part of your considerations.
Learn more about TelstraSuper
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