Money magazine has partnered with some of the largest super funds in Australia to encourage Australians to become more actively involved with their super and improve their financial well-being.
The project, dubbed “#SuperBooster”, centres on the importance of the Three C’s: Check, Contribute and Consolidate.
Checking superannuation performance and fees, adding voluntary superannuation contributions and consolidating your accounts are three simple exercises that can be done to enhance your retirement balance.
The purpose of the project is to explain that implementing these changes are not as difficult as they first seem, and they will make a big difference over the average Australian’s working life.
“What we’re trying to bring to the front of people’s minds is the scale of the benefits they will receive if they take a few easy actions today,” said Michelle Baltazar, editor-in-chief of Money magazine.
“Contributing an extra $25 a week into super will add $100,000 extra to your retirement fund according to Rainmaker Information research.”1
“Checking to see if you’re in a high performing fund could make you $660,000 better off2 and consolidating your superannuation means you aren’t getting charged extra fees and insurance costs that you don’t need to be.”
AustralianSuper, Sunsuper and Hostplus, some of Australia’s largest superannuation funds, both in terms of membership and funds under management, have partnered with Money magazine on the #SuperBooster initiative.
“Another objective of SuperBooster is to educate members about the superannuation choices they have” said Rainmaker Information executive director of superannuation research, Alex Dunnin. “Some of these choices include being able to choose investments that boost renewable energy and environmental sustainability. If you work in a dangerous occupation there are also some special options for you on insurance.”
He added, “A little extra research could go a long way and the #SuperBooster project will show people how to do this and where to start.”
The #SuperBooster project is now live. In addition, Money magazine will be publishing handy tips to help Australians get on top of their super on the #SuperBooster website (www.moneymag.com.au/superbooster) and within the October, November and February editions of Money magazine.
