You work hard for your super. Doing a regular 5-minute super workout can help you achieve the financial future you deserve!

Getting your super into shape is easy

Preparing for retirement is important. And even though it may seem like a lifetime away, it’s important to think about the little things you can do to help boost your super along the way.

Think of it like a personal goal – sometimes the start and end points are clear so planning’s pretty easy. You need to save $40 per week to afford that holiday, or you need to lose 5 kilograms to fit into that suit or dress.

With superannuation, however, it can sometimes seem more overwhelming. With super in accounts that you can’t access until you’re around 60, it can be hard to know how much you’re going to need in 10, 20 or 30 years. Understanding what your current status is and setting the most appropriate goals for your future are often areas that aren’t as clear as they should be.

That’s where the 5-minute workout for your super can help – it’s a way for you to get your financial future in shape and on track for the future you deserve! 

 

Time to get moving!

These few simple steps are designed to help you do a quick pulse check of your super.

  1. The only information you need to start with is your age, annual salary and current super balance (which you can find on a recent benefit statement or log into your account online)
  2. Plug these figures into the MoneySmart Retirement Planner calculator.
  3. The calculator will estimate how much retirement income you’re likely to receive each year from your super, which you can then compare to what the industry experts estimate it will cost to live.

It’s that easy – you’ll hardly raise a sweat!

Note: To better reflect the fees you pay in our fund, you will probably need to reduce the calculator’s default fees to reflect our current fees.

 

Keep the end results of your workout in mind

If your calculator figures are healthy and what you expected, great! Time to head off for a post-workout treat. Just remember to re-visit the 5-minute workout regularly, and also whenever you have a change in circumstances (eg. new job, relationship changes etc), to keep things on track.

But if your calculations aren’t quite meeting your objectives for retirement, you can change options such as contribution rates, retirement age, retirement income, investment choices and fees to see how these might impact your retirement savings.

 

Your financial fitness is up to you

While we can provide tools and information to help guide you in your workout, the best results will largely come from the knowledge you have about your super and the decisions you make. And the longer you wait, the harder it is to get to your goal.

If, like many people, you think that you’ve got plenty of time before you really need to do anything about your super, consider this: Tipping just a little extra into your super each week could potentially increase your final lump sum savings by tens of thousands of dollars!

Try plugging a few figures into a retirement calculator like the CommBank Retirement Calculator to see what your extra contributions could do for your balance at retirement.

Other useful resources

    Super tips for every age

    You can get your super on track no matter what stage of life you're at. (Source: CommBank)

    What happens to your money in super

    In this short video, a TAFE teacher explains what happens to your money once it is in your super, how you can add to it and how it can be invested. (Source: ASIC MoneySmart)

    How to start building your wealth

    If you're on top of your savings and now thinking about wealth creation, here are some tips to make the most of it. (Source: CommBank)