Spring clean your super
Spring cleaning your super: an essential guide for the busy legal professional
As a legal professional, your time is valuable. Your schedule is packed with meetings, court appearances, and paperwork. Yet, as spring rolls around, it's not just your home that may need a decluttering — your super needs it too. Spring cleaning one of your largest investments (your super) may set you up to be in a significantly better position in the future.
Ensure you are on track by reviewing the below:
How much super do you need?
In order to align your super strategy with your goals, it is essential to assess the ideal amount of super required for a comfortable retirement. A guide is available here.
Set your goals and align your strategy
This calculator can be used for estimating the potential income you can expect from your super and the age pension when you retire.
Once you have an idea of this, you can look to adjust your strategy to maximise your super. This can include adjusting your contributions, investment options and/or retirement age.
legalsuper offers complimentary one-on-one support and guidance (both online and in person) to help you understand, optimise and feel in control of your super. Our Client Service Managers have an average of 20 years experience in the financial industry, so you can have peace of mind knowing you’re in good hands. Book here.
Is your selected investment option serving you or is it holding you back?
Consider your age, risk tolerance and investment goals. Generally, the higher the level of risk you are prepared to accept, the higher the potential gain or loss. Shares are generally one of the riskier asset classes while cash is one of the least risky asset classes.
The option you choose depends on your individual risk tolerance and how much time you have to invest.
With legalsuper, you can choose from 11 investment options or our Direct Investment Option (DIO), which offers control and flexibility much like a self-managed super fund, with the ability to invest in S&P/ASX300 SECURITIES, ETFs, LICs and Term Deposits.
Find out more about legalsuper’s investment options.
Consider additional contributions – they can boost your super and potentially save you on tax.
Making additional contributions sooner rather than later may put you in a significantly better position at retirement. By starting early, you give your money time to grow and compound, maximising the impact of your contributions. There are often tax benefits associated when making additional contributions.
You can use this same calculator to assess the potential impact of additional contributions on your retirement income.
Don’t pay multiple fees on your super
Multiple super accounts result in multiple fees, so you may want to consider consolidating your accounts. Having all your super in one place may also make it easier to manage and keep track of your investment.
Before consolidating, you should consider factors such as the impact of fees, the comparative cost of each fund and the potential loss of insurance cover, as any insurance you have with other funds may be cancelled (if you don’t transfer it) when you consolidate your super.
Are you over or under insured?
Many super funds offer insurance options that can be paid for through your super balance. However, it’s important to review your insurance needs and ensure you’re not under-insured or paying for coverage you don’t need.
Our insurance needs calculator can help you determine the appropriate amount of Death, TPD and salary continuance insurance for yourself and your family.
legalsuper members also have access to discounted private health insurance through NIB.
Take advantage of government schemes
Depending on your circumstances, you may be eligible for government schemes such as the downsizer contribution, low-income super tax offset or the co-contribution scheme.*
* Eligibility Criteria and contributions caps for government schemes apply and are available on the ATO website.
Complimentary super guidance
We're here to help guide you through a spring clean of your super and ensure your interests are well-protected. As legal professionals, you’re used to making informed decisions. Let us help you do the same for your super. Your knowledge in law combined with our expertise in superannuation leads to a powerful partnership. Together, we can make your super work harder for you.
You know Law. We know Super.
Since 1989 we have delivered customised high performing superannuation solutions for the legal industry. Members trust us to act in their best ﬁnancial interests. We manage their super with the same exceptional level of knowledge they bring to their work in law. This commitment is the bedrock of our partnership and drives everything we do. Find out more about legalsuper here.
Legal Super Pty Ltd ABN 37 004 455 789 is the Trustee of legalsuper ABN 60 346 078 879, AFSL 246315. This is general information and does not take into account your personal needs. You should read the legalsuper Product Disclosure Statement and Target Market Determination available at legalsuper.com.au. Past performance is not a guide to future performance.