Published 19 January 2022
Australians making new year’s resolutions may be considering fitness goals, new hobbies, or focusing on a healthy lifestyle – but according to leading superannuation experts, a financial goal might have the longest-lasting impact.
LGIAsuper CEO Kate Farrar said Australians should make their superannuation’s health the focus of their 2022 resolution, offering three top tips for better savings.
“Reviewing your super strategy is a new year’s resolution that is easy to stick with,” Ms Farrar said.
“Early intervention can help put your retirement goals on track and impact your savings well into the future.
“The start of the year is the best time to take stock and seek advice.”
To help plan for a secure financial future, LGIAsuper recommends members add three resolutions to their list of goals for 2022.
1. Consider consolidating your superannuation accounts
Many Aussies are at risk of losing hundreds in savings each year by paying multiple account fees and insurance premiums on separate superannuation accounts. Consider combining all your superannuation funds in to one account and you could save on fees and maximise your returns.
2. Check your beneficiary nominations
Superannuation can be one of your biggest assets, but many people are not aware that it does not automatically pass on to your loved ones in the event of your death. Take the time to nominate your beneficiary through the superannuation fund’s online portal to ensure it can be distributed to your nearest and dearest.
3. Review your investment strategy
Your superannuation is unique to you no matter where you are on your retirement journey, so getting your investment mix right is important. In 2022 take some time to check that your superannuation investment strategy matches your current risk appetite and stage of life. Energy Super and LGIAsuper offer an Investment Risk Profiler that makes it easy to learn the level of risk you are comfortable taking.
LGIAsuper offers a range of personalised financial advice, and online tools, as well as no cost 30 minute Super Health Check appointments with superannuation specialists who can help all members (and non-members) achieve their retirement goals.
In September 2021, LGIAsuper announced the removal of its weekly flat-rate administrative fee for LGIAsuper and Energy Super account holders. Members pay a percentage-based admin fee of 0.18% of their account balance per year (capped at $900) which means more money in their accounts to grow super.
“We were already making headway for members prior to removing this fee,” Ms Farrar said.
“As an agile boutique fund, we are committed to adapting to the everchanging markets to maximise returns for our members while delivering opportunity and investment security.”
To start taking steps to a more financially secure future, book your Super Health Check today.
This information has been produced by LGIAsuper Trustee (ABN 94 085 088 484, AFS Licence No. 230511) (the Trustee) as trustee for LGIAsuper (ABN 23 053 121 564) (the Fund). The information in this video is general advice only and does not take into account your personal objectives, situation or needs. You should consider obtaining professional financial, taxation and/or legal advice tailored to your personal circumstances and refer to the relevant PDS available for your account.