• Next Steps
    Spring 2016

    Next Steps
    Spring 2016

    Family running along beachFamily running along beach

3 Easy Ways You Can Get Super Active Today
3 Easy Ways You Can Get Super Active Today

Super is your money. In fact, the average account balance for a VicSuper member is over $60,000.* However, many people put off thinking about their super.

At VicSuper we want to change that.

We want all Victorians to get active with their super – as even small steps now can make a world of difference in retirement.

Super is your money. In fact, the average account balance for a VicSuper member is over $60,000.* However, many people put off thinking about their super.

At VicSuper we want to change that.

We want all Victorians to get active with their super – as even small steps now can make a world of difference in retirement.

#1 Get consolidated

You don’t open a new bank account each time you start a new job, so why would you open a new super account?

Finding your super and keeping it together in one account is easy and has the benefit of ensuring you’re not paying multiple sets of fees unnecessarily.

Want to get consolidated?

Find out how VicSuper can do it for you or how you can combine it yourself online.

#2 Put a Bit Aside... Before Tax!

When you ask your employer to pay a bit more of your pre-tax income into your super, it’s called salary sacrificing.

But we don’t consider it a sacrifice at all when there are so many advantages.

3 Reasons Why You Should Seriously Consider Adding More to Your Super

  1. Contributing $50 to your super does not mean $50 less in your pay
     
    This is because, in most cases, you pay 15% contributions tax on the amount you contribute compared to what you would pay if you took it as take-home pay. (This can be as high as 49% if you factor in the levies that currently apply).
     
  2. Mr Dawes was right!
     
    If you’ve ever seen the movie Mary Poppins, you’re likely to remember the greedy Mr Dawes pressing Michael to invest his tuppence in the bank. He may not have been the most likeable character, but he was certainly right about the potential power of compounding.
     
    Super is not the same as putting money in the bank, but the magic of compounding does apply.

    In the super environment, compounding means that investment returns are applied to what goes into your account as contributions as well as to the returns that have been applied previously. Adding a bit extra early on means you have the potential to increase your super balance and income in retirement due to the compounding effect on investment returns.
     
  3. Live a better lifestyle

    The ‘new 65 year-old’ is reasonably active, healthy and can expect to live into their 90s**. However, the compulsory super contribution rate of 9.5% is not quite enough for most people to achieve the type of lifestyle they want for their retirement. 
    Add a little now and your future self will thank you down the track – possibly with a nice holiday or two.

Find out more about contributing to your super

#3 Get a 10-Minute Review Over the Phone

Chances are that when you became a VicSuper member, you didn’t choose your own investment option. If that’s the case, VicSuper put you into the Growth (MySuper) investment option.

It’s a great option, but is it the right one for you?

If you’re more than 7 years from retirement you have time to ride out investment market ups and downs, so you might benefit from an option with a higher risk-return profile.

If you’re closer to retirement, it’s worth having a review.

Our Express Advice team can do a quick risk profile over the phone and recommend an Investment Option to suit. It’s quick and in most cases there’s no charge to use the service.

Request a call back.

#1 Get consolidated

You don’t open a new bank account each time you start a new job, so why would you open a new super account?

Finding your super and keeping it together in one account is easy and has the benefit of ensuring you’re not paying multiple sets of fees unnecessarily.

Want to get consolidated?

Find out how VicSuper can do it for you or how you can combine it yourself online.

 
#2 Put a Bit Aside... Before Tax!

When you ask your employer to pay a bit more of your pre-tax income into your super, it’s called salary sacrificing.

But we don’t consider it a sacrifice at all when there are so many advantages.

3 Reasons Why You Should Seriously Consider Adding More to Your Super

  1. Contributing $50 to your super does not mean $50 less in your pay
     
    This is because, in most cases, you pay 15% contributions tax on the amount you contribute compared to what you would pay if you took it as take-home pay. (This can be as high as 49% if you factor in the levies that currently apply).
     
  2. Mr Dawes was right!
     
    If you’ve ever seen the movie Mary Poppins, you’re likely to remember the greedy Mr Dawes pressing Michael to invest his tuppence in the bank. He may not have been the most likeable character, but he was certainly right about the potential power of compounding.
     
    Super is not the same as putting money in the bank, but the magic of compounding does apply.

    In the super environment, compounding means that investment returns are applied to what goes into your account as contributions as well as to the returns that have been applied previously. Adding a bit extra early on means you have the potential to increase your super balance and income in retirement due to the compounding effect on investment returns.
     
  3. Live a better lifestyle

    The ‘new 65 year-old’ is reasonably active, healthy and can expect to live into their 90s**. However, the compulsory super contribution rate of 9.5% is not quite enough for most people to achieve the type of lifestyle they want for their retirement. 
    Add a little now and your future self will thank you down the track – possibly with a nice holiday or two.

Find out more about contributing to your super

 
#3 Get a 10-Minute Review Over the Phone

Chances are that when you became a VicSuper member, you didn’t choose your own investment option. If that’s the case, VicSuper put you into the Growth (MySuper) investment option.

It’s a great option, but is it the right one for you?

If you’re more than 7 years from retirement you have time to ride out investment market ups and downs, so you might benefit from an option with a higher risk-return profile.

If you’re closer to retirement, it’s worth having a review.

Our Express Advice team can do a quick risk profile over the phone and recommend an Investment Option to suit. It’s quick and in most cases there’s no charge to use the service.

Request a call back.

Attend a seminar, at no charge

*Figure as at July 2016
** Source: Challenger estimates using Australian Life Tables ALT2010-12, with 25 year mortality improvements as provided by the Australian Government Actuary.
*Figure as at July 2016
** Source: Challenger estimates using Australian Life Tables ALT2010-12, with 25 year mortality improvements as provided by the Australian Government Actuary.