Super in My 30s - Super Tips

1. Consider making contributions

This is the decade when you might be thinking about buying your first home, getting married and having kids. So, it’s easy to deprioritise your retirement savings.

If you can afford it, consider topping up your super. So long as it works for you, adding to your super here and there could make a big difference in the long run . Some contributions might also be taxed at a concessional rate lower than your income tax rate . Just remember that contributions into super generally can’t be accessed until you meet a condition of release (e.g. retirement), and there are limits to how much you can contribute in a year, so make sure it’s right for you before you make a decision.

Grow your super

2. Review and consolidate your super

Now’s a fantastic time to get your super organised. Take the time to review your super and make sure you’re with a super fund that works for you.

If you’ve got more than one super fund, consider whether consolidating your accounts is right for you. This may help make it easier to keep track of your super. You may also avoid paying multiple fees and insurance premiums but, depending on which fund you consolidate with, you might pay higher fees or lose out on certain benefits like insurance cover or investment performance. If you have any questions, speak to a licensed financial adviser or visit the ASIC MoneySmart website for more information.

Make sure you do your research and tell your other fund about any contributions you intended to claim a tax deduction for before you consolidate your super – we can’t stop the transfer if you change your mind afterwards!

3. Review your investment options

Would a more aggressive investment option suit you? Or do you prefer something a bit more conservative? Your investment preferences can change over the course of your life so have a think about what’s right for you. The good news is you can change your investment options with Rest at any time.

If invested over a long period, higher risk investment options have the potential to offer higher returns than conservative investment options but are generally also more sensitive to market volatility. On the other hand, lower risk options might provide a lower return on your investment but typically fluctuate less.