You may want to retire on a combination of your own super and Centrelink payments. To help you determine whether you will have enough for retirement, you will need to think about certain things such as the kind of lifestyle you’d like to have during retirement, the expenses you may incur between now and then and also when you expect to retire. You should also think about any other sources of income you may have to help fund your retirement.

Contributing towards your super early will benefit you in the long run.  Depending on your circumstances, you may also want to consider making extra contributions.  By reviewing your retirement financial goals regularly with your adviser, they can help guide you along the way to make sure you’re making the right decisions.

Consolidating your super is as easy as asking your adviser for help. Your adviser will recommend what’s appropriate for you, and can help combine your money into your ClearView super account.

Some super funds may charge exit fees or the transfer may impact on your insurance. It’s best to talk to your adviser before you make the decision. 

If a super fund can’t contact you, they may transfer your money to the ATO. This is often called lost super.
Your adviser can help you find any lost super you may have, and transfer your lost super amount into your ClearView super account.

To see if you have any lost super accounts, you can look this up on the ATO website.

It is important to understand that different investments are appropriate for different risk profiles. Everyone has a different appetite for risk and your adviser can help you understand what is appropriate for you. 

Self-managed super funds (SMSFs) can be great for certain people, because they allow you to have greater control over your investments, more flexibility and there is generally a greater range of investments to choose from.

If you are self-employed, you may see a benefit from having a SMSF because you may be able to put your business property into the fund, which comes with various tax and super advantages. If you are self-employed or not, SMSFs give you the ability to invest in unusual assets like collectible cars or art, or buy property – although these must meet the ‘sole purpose test’ that shows that the asset is used only to provide benefits for your retirement or to provide for your beneficiaries in the event of your death.

The flipside of SMSFs is that they are generally more complicated and all members of a SMSF must also be trustees of the fund which results in added responsibilities and duties.

Talk to your adviser about whether a SMSF is the right option for you.

While different markets move up and down, it is unusual for all markets to move up and down at the same time. Depending on your investment strategy, it may be appropriate for you to have adequate diversification in your portfolio by spreading your investments across a number of market sectors and asset types. This may help reduce the overall volatility of your portfolio returns.  

Your adviser can help you to understand market volatility better and advise you about what to do if a market downturn seems to threaten your investments. They can work with you to match your investments to your risk profile.

If you have any concerns, talk to your adviser.