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Super Health Check
Here’s a super handy checklist to help keep your super healthy
Super isn’t set and forget. As your life changes, be sure to check back in on your super so you stay in control of your future. To help you do that, here’s a super handy checklist.
And don’t forget, our smartCoaches are here to help you with any of the checklist items. Their services are included in your membership, so there’s no extra cost.
While super is a long-term investment, checking your account at least twice a year and keeping an eye on your super is important - even if retirement is a long way off. After all, it's your money and could be one of your biggest assets!
Log in to your online account today Need help accessing your online account for the first time, find details here.
Pop a reminder in your calendar to log in to your super account 6 months from now. Even better, make that reminder recurring.
Having more than one super account could mean that you are paying unnecessary fees which can reduce how much you have to enjoy your retirement. Having one account can also make it easier to take control of your super.
If you feel unsure about where all your super is, or want to double check you haven’t lost any, you can check through your MyGov account.
Log in to your MyGov account
Simply log in to your myGov account, select your linked ATO account, then Super, then Fund details. If you have more than one account, you will see an option to transfer your super.
smartMonday offers a range of investment options for you to choose from.
If you have not made an investment choice, your super will be invested in the MySuper Lifecycle Option which gradually adjusts your risk level as you approach retirement. If you want to take more control of your investment mix, you can choose from our pre mix and sector options.
Read more about your investment options or chat to a smartCoach who can help you understand what types of investments are right for you, based on your age, risk preferences and how hands-on you want to be with your super.
If you want to make changes, log in to your account. You can adjust where your current balance or future deposits are invested by choosing the Manage Investments button. You can mix and match among the investment options, including the MySuper option.
Making extra contributions can help grow your super faster and provide you with more in retirement. No matter your age or income level, looking at how to boost your super is a smart move.
Read more about growing your account, or chat to a smartCoach about before tax and after tax contributions.
If you would like to add to your account as a salary sacrifice (before-tax) contribution, please speak to your employer/payroll team. To make after-tax contributions directly to your account, check your BPAY® details in your online account.
Having the right insurance cover in place is important for you and your loved ones. Working out what cover is right for you is specific to you, as it should consider factors such as your debts, dependents, and age.
Having insurance in super means competitive pricing due to the large number of fund members, premiums being paid from your super account (rather than your bank account), and a level of automatic cover without the need for medical checks.
You can both increase and decrease your insurance in your smartMonday account in line with your needs and preferences. Life, Total & Permanent Disablement and Income Protection Insurance are available.
Check your current levels of cover by logging in to your account. Click on the Account Details menu and then choose Insurance Details.
Read more about smartMonday insurance.
If you want to work out the right level of cover for you, a smartCoach can help or consider using the Life Insurance Calculator, provided by the government, through Money Smart.
Nominating a beneficiary ensures that your super, and any insurance held, is paid to the right person if something happens to you.
A non-binding nomination can be made by simply logging in to your account. This type of nomination guides the Trustee on who you would prefer to receive your money.
A binding nomination locks in your choice for the next three years (we’ll remind you to renew it). It takes a little more time, as you need to complete a form, sign it and have it witnessed. This ensures the Trustee acts according to the instructions you provide on the form (provided the nomination is valid).
Read more about valid nominations. Remember, you can only nominate specific people (like kids or a spouse, and a few others) and you can’t nominate a charity, a friend (or a pet).
Make a beneficiary nomination. Complete a Binding nomination form or for a non-binding nomination log in to your account.
Have you considered the lifestyle you want in your later years? No matter your age, having a clear goal and strategy to achieve it is key. While super is a long term investment, your choices today can shape your future, no matter how far away retirement might seem.
There are 4 key levers that you can adjust to meet your needs and each can be fine tuned along the road to retirement:
When you retire
How much you'll spend in retirement
Your investment choices and the level of risk you’re comfortable with
Saving now versus later
Want to play around with some numbers and get reassurance that you're on track? Use the smartMonday calculator to plug in your own numbers and set some goals. This article can help you understand the results too.
Need more help? Contact the smartCoach team for financial advice. We can help you with your plans as well as discuss your eligibility for the government age pension and how that may impact your retirement finances.
Chat to a smartCoach
1300 COACH 1 (1300 262 241)
