It’s always a good time to pick up some healthy habits. Exercise resolutions aside, we’re talking a financial detox in which you review your superannuation – are your details current, do you need insurance and, finally, which fund(s) is managing your investment? In less than 30 minutes why not take our three-step challenge to get your super in order today.
1. Update your details
Log in to your account and if details are out of date, update them. Check your investment strategy, beneficiaries, insurance arrangements and communication preferences where you can tell us how you want to be contacted with important information. Do you prefer SMS, email or traditional post?
2. Check your insurance
An annual review is good practice. If your circumstances have changed, you may not have cover suitable for your needs. Plus, if you have multiple accounts you could be paying extra fees.
3. Search for multiple accounts
If you have changed your name, address or had a few jobs, chances are you have more than one super account, or even lost track of some. Multiple super accounts mean multiple sets of fees that diminish your overall balance. If you’re a Mercer Super customer, we can do a free search for you. All we need from you is consent, and we’ll do the rest.
Bonus points for taking an extra step to compare all options.
We did say spend 30 minutes doing a super detox: while this step may take a little bit longer it will be worth it in the long run. If you have multiple accounts then compare fees on each account you may have, consider if the fund suits your work industry and if available insurance meets your needs.
Plus, think about the future – do you want to be part of a fund that will help you transition your super to a retirement pension in later years? Call us for more advice on 1800 682 525.