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What if we could just set and forget?

What if we could just set and forget?

4/7/2019

Saving money is an easy concept. But because of the many financial obligations that life throws at us, the process of actually putting our money aside can be difficult.

What if we could just automate our savings instead? After all, if the money hardly hits our bank accounts, we may not even notice its absence. What if we could just set up an account, automate our savings, and then forget about it until we need the money?

The good news is, you probably already have an account that is doing just that. Your superannuation is designed so that direct payments from your employer go straight into your super account. The money doesn’t even hit your bank account, so you can save for retirement without even noticing a difference to your pay.

Best of all, once you reach retirement, you should have a nice handy pool of money ready to draw a pension income from.

That’s the ideal scenario, however contributions from your employer may not be enough to help you retire as comfortably as you might like.

To really make your super savings successful, there are a few things you can do to help set up your account to grow in the future.

Firstly, take some time to set up automated contributions through salary sacrificing or direct debits to help your savings grow.

We’ve recently launched a new app, SuperCents, that can help you do so! SuperCents will help you save for your future without even thinking about it. Set up automatic micro-contributions based on your spending, and start building your retirement savings today. You can learn more about SuperCents and download the app here.

Secondly, you can also make sure that your money is being invested the way you want it to be, to help your savings grow throughout your career. Intrust Super offers members a variety of investment options – you could even choose a combination of investments.

If you haven’t made a choice, it’s likely your savings will have been invested in your Fund’s Balanced option. This option can help your money grow further than it would in a bank account, as long as you’re in the right fund. Intrust Super’s Balanced option has returned 8.83% per annum over 10 years^, compared to the average 10-year return in a savings account with a bank, which is 1.71%*.

Finally, you should also make sure you can keep your super together and growing throughout your career. Keep your account details up to date so your super fund can always contact you, and ensure you provide any new employer with a Standard Choice Form.

So when it comes to your retirement savings, you actually can set and forget. Just take a few quick steps to set up your superannuation effectively. Then you can watch your balance grow throughout your career!

^As of 31 May 2019. Visit intrust.com.au/unit-prices-returns for more details on our unit prices and investment returns.
*As of May 2019, based on a $50,000 balance. Source: Reserve Bank of Australia, Retail Deposit and Investment Rates, June 2019


Set up your superannuation account to work for your future!

It’s worthwhile going through this checklist once every few years, just to make sure everything is still working well for you.

  1. Combine your accounts to avoid paying multiple fees unnecessarily1.
  2. Print out this Standard Choice Form and ensure you provide it to your employer if you change jobs to keep your super growing altogether.
  3. Make sure you’re in an investment option that suits you and your stage of life.
  4. Login to MemberAccess to update your details on your Intrust Super account and ensure we can always keep in touch.
  5. Consider adding to your account yourself – whether it’s through salary sacrificing or just a one-off after-tax contribution.
  6. Download Intrust Super’s new app, SuperCents! Learn more and download SuperCents here.

1When consolidating your super funds, you should ensure that you consider the adequacy of your insurance cover and policy terms under your existing superannuation accounts.