Five easy steps to take control of your Superannuation

What makes us change? Why do we resist making improvements in our lives? Often you know you should take some action but … but … there is always a reason not to.

Let’s take an example

You’ve had a few jobs over the years and been paid superannuation in each one. You have a number of superannuation funds and you forget all about them until the annual statements arrive. Now you feel worried and confused. What does it all mean? Have I got them all? Is my money still safe? Am I paying too much in fees? What should I do with all this paperwork? And the worst one – did I advise all of the funds of my new address last year?

The usual option is to stuff them all in the bottom drawer and forget about it until next year… and then you go through all that confusion again!

But there is a better way and if you act now you can sort it all out so that you’ll receive only one statement each year. Here is a five-step process to help you on your way:

Five easy steps to take control of your Superannuation

Step 1 – collect all the superannuation statements you can find from your “bottom drawer”.

Step 2 – contact a Certified Financial Planner who can sort them out for you.

Step 3 – seek advice and select one superannuation fund that suits your needs.

Step 4 – sign transfer forms to get the accounts rolled over to your chosen fund.

Step 5 – find another use for all the space in the “bottom drawer”.

Seriously, superannuation is too important to ignore. Getting your Super under control can save you money in fees, cut down on paperwork, allow you to get an investment strategy in place, and help you keep track of your money.

The Australian Securities and Investment Commission reports that there are billions of dollars sitting in unclaimed or “lost” superannuation accounts with thousands more accounts added to the list each month. Inactive accounts with balances of under $2,000 are transferred into the federal government’s consolidated revenue fund, so if you think you might have some old superannuation accounts that you haven’t touched in three years, don’t hand it over the government, claim it!

The earlier you start planning for your retirement, the more options you have to set a course that suits you.

The next thing to do is to sort out your finances. Work out how much money you have now, how much you might have in the future and where it is coming from.

Get on top of your finances by finding out:

  • What assets (house, savings, investments) you have and how much they are worth
  • When will you pay off all your debt?
  • How much super you have and when you can access it
  • Work out if you should you be making contributions to your Superannuation
  • Do you have any equity in your home?
  • Do you have the best home loan rate?
  • Are your family fully protected?
  • Are you saving money each month? Is your cash flow surplus or negative?

Most importantly do you have a clear plan of where you are now, where you want to be in the future and how you are going to get there?

At FinFit Wealth Solutions we love helping our clients achieve their dreams and goals. We would love to help you become Financially Fit!

Please call us anytime on 1300 153 251 to have a chat.

Phil and Donna.

No comments

Leave a Reply

Your email address will not be published. Required fields are marked *