Five easy ways to connect with your super

Superannuation can seem complex, so here are five simple steps to get to know your super better.

I'm a great believer that knowledge builds confidence.

If you're planning a holiday for example, it's a fair bet you'll research accommodation options, sightseeing trips and the different means of arriving at your chosen destination.

This planning leaves us feeling more confident about our upcoming adventure.

It's the same with our super.

Sure, super can feel complex to navigate. But the basics are pretty straightforward.

So, a little time connecting with your super today can go a long way towards making you feel more confident about retirement.

Here are my five super-simple tips to help you discover how to get the most out of your super:

1. Be super curious

Know where your super is. If you are with your employer's default fund, or you have super in a fund from your first job, you may not be up to speed with the details of your super.

What matters is that you know which fund (or funds) your super is invested with. If you have more than one account, consider if it's time to consolidate as this can save on fees (if you're not sure, you can always use the 'Find my super' tool via myGov).

From there you can find out the basics of your super account - like the fees you are paying, how your super is being invested, and the level of insurance cover you may have.

Small details can make a difference. At Team Super for instance, our members automatically qualify for a level of insurance cover without the need for underwriting. This is particularly important because lots of our members work in high risk occupations. It's important to understand what level of cover is right for you.

2. Knowledge is empowering

Your super fund can be more than a place to grow retirement savings.

Your fund can also provide valuable resources to build knowledge - often covering topics that go beyond superannuation.

Chances are your fund has an online education section that covers topics such as budgeting, setting goals, estate planning, understanding and handling investment market volatility and managing divorce or life milestones.

The upshot is that your fund can offer a gentle nudge for you to think about money matters more broadly. And that's always a good thing.

3. Your super fund can be a source of affordable advice

It's natural to have lots of questions about your super. And your fund can be a great source of low cost advice.

You can normally access 'general' advice about your super and many funds, including Team Super, offer personalised advice about your account at no additional charge as the cost is built into fund fees.

As a guide, if you have questions around your likely income from super in retirement, your fund can do the modelling to provide the answer.

Better still, your fund can explain how simple moves such as adding an extra $10 each week to your super can deliver a substantial benefit in retirement.

For holistic advice that goes beyond super, many super funds offer a professional advice service at reasonable rates. Team Super offers members access to advice, with fees relating to superannuation and retirement planning generally paid via account balances which again helps make advice accessible and affordable as there's less out of pocket expense.

4. It's getting easier to access super services

Most funds offer a complementary advice service about your super. It can be as easy as making a phone call during business hours.

A number of funds, including Team Super, offer seminars, sometimes held in members' workplaces, or webinars that members can view online at a time that's convenient to them.

More recently, funds are starting to offer digital advice.

Team Super for instance, will be adding digital advice to our suite of services later in 2025.

The main point is that you are not alone in your super journey. There is no need to rely on guesswork. Your fund is a go-to source of advice on super.

5. It's never too early to start

The depth of our engagement with super doesn't have to be the same throughout our working life.

Sure, if you have the cash available, making additional, personal contributions to super, even small ones earlier in your working life, can turbo-charge the long term effect of compounding returns.

And given extended life expectancies and the implications for investment timelines, there may be opportunities to accommodate a different mix of high growth and conservative investments within your super fund over your working life.

What really matters is that you connect with your super at an early stage - and stay connected throughout your career and on your path to retirement.

Yes, the rules around super may be finetuned over time. But the basic goal of super to fund a decent lifestyle (whatever that means to you) in retirement will never change. And it's never too early (or too late) to get to know your super.

The information in this article is general in nature and doesn't take account of your financial situation, needs and objectives. Before acting, consider your personal circumstances and read the product issuer's Product Disclosure Statement and Target Market Determination.

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