UniSuper: Suggestions to get back on track financially in 2024
Many of us will make a financial resolution this year with the desire to save extra cash, spend less, shop around more, pay down debt and put more into super, all on the list. In the wake of recent price rises and interest rate hikes, it’s unsurprising many of us are keen to get back on track financially in the new year.
UniSuper suggests the best ways to get started with one of your biggest investments in 2024 – your superannuation.
1. Hunt for lost super
How many jobs have you had in your career, how many times have you moved house and possibly forgotten to tell everyone you should? On average, we change jobs five to seven times in our working lives – so you could end up with as many super funds. It’s easy to lose track of them, which is probably why there are more than $16 billion in lost and unclaimed super across Australia*. This is an increase of $2.1 billion since last financial year and the ATO is urging Australians to check their account to see if some of the money is theirs.
This is too good an opportunity to miss if there’s a chance that you have super somewhere – however small – that you have forgotten about or lost track of. If old paperwork can’t be found, UniSuper can help members find lost super via their account online.
Combining super accounts can make them easier to manage, reduce admin costs and potentially improve performance. Combining your accounts can have an impact on your insurance, so it is important to check before you decide.
2. Understand insurance inside your super
Did you know that your insurance premiums are paid from your super account? This can be great news for your budget since it doesn't reduce your take-home pay. Plus, super is generally taxed at a lower rate than income tax, which means you save on taxes too.
It’s important to understand the level of insurance you have, and that it is still right for you in your current phase of life. As a UniSuper member you can check your current level of cover via your account online or via the UniSuper website.
3. Book a 30-minute super check
Even if you’re decades away from retirement, it’s worth checking in to make sure your super is on track to give you the lifestyle you want in your later years. A simple review of your fund and current status may be enough to achieve this.
One of the best ways to do this is with a 30-minute appointment with a UniSuper consultant on campus at The University of Adelaide. They can provide general advice to help you with all the topics above. It’s a great way to engage with your super and appointments are included in your membership. Book an appointment in-person, via video or over the phone, or call 1800 823 842.
*Source: Australian Taxation Office 27 February, 2023