Category: Future Proof
Chapter Select
Sub category: Superannuation
13 November 2019

How to figure out what’s happening with your super before it’s too late

This article was written in partnership with PEDESTRIAN.TV

By Steph Panecasio, PEDESTRIAN.TV

 

I’ll be honest with you. For an excessively long time, I had absolutely no clue about my super. It was just something that people would ask me about when I started a new job – and I started a lot of new jobs as I was going through high school and uni.

Every single time I’d fill in the paperwork, the name of my super account would absolutely escape me. I’d select employer’s super fund every time, in order to get it over and done with (YES I KNOW THIS IS BAD).

So it meant that at one point, I had about seven different super accounts open (YES I KNOW THIS IS WORSE). I had no idea what was in what, and at the time I didn’t even know that it was a bad thing.

Turns out, your super is actually, well, super important to stay on top of. All those accounts I had? Yeah… They were losing me money if you think about it. And I like money. I like money a LOT.

Basically, because my super was being split across so many accounts (instead of being consolidated like a good adult), I was paying a huge steaming pile of fees that I straight up didn’t have to be paying.

So if you’re in the same situation as me, I bet you’re feeling pretty foolish right about now, hey? Might be kicking yourself, even, for being so lackadaisical with your super. Silly! You probably wanna know exactly how to fix this mess you’re in.

Well, friend. If you’re stuck in non-consolidated super land, paying a pile of fees, here’s how you get out.

All you gotta do is research to find a super fund that aligns best with your financial interests. Think about where you want all your future jobs to chuck the employee contributions, look ahead to whether rolling it all over will cost you any moula, and check out if you’ll lose insurance benefits from your current provider.

Or, in my case, providers. Whoops.

According to ASIC, the things you’ll want to research most are the total balance from all your providers (to peep the fees for your grand total), where the potential providers invest your super (so that you don’t wind up investing in something you’re not about), the fees involved (lemme keep my money pls) and the level of insurance on your super (again, lemme keep my money pls).

Then you just need to consolidate. Basically, this means whacking all those non-essential superannuation accounts into the one that’s going to be right for you – and stop paying for a bunch of things you don’t even need.

And for the record, it doesn’t have to be a super fund you’re already with, or even the one with the largest amount of money in it at the moment. The best one for you might be one with a smaller amount in it, or a new fund altogether.

Then it’s all in one spot and you don’t need to stress about how dodgy your life will be when you hit retirement and your budget is less than the luxe life you deserve.

Nice.

Find out more about ING Living Super.
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The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.

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