Managing your investment
Once your mysuper account is set up it’s important to think about how you’d like to grow your investment to help you reach your goals. Planning for retirement is part of it but so is your life along the way.
The more you know about mysuper and how it works, the more you’ll benefit. And we hope you’ll feel more empowered to make good decisions to suit your personal circumstances. Here are some ways to get started.
Know your investment
Understanding what type of investment mysuper is and how it makes you money is a good place to grow your knowledge. No matter which of the four mysuper funds, or three mysuper investment options, you’ve chosen you can learn more about investment markets, common investment terms and concepts, and how it all impacts mysuper through a series of Investment Guides we share.
Regularly review investment performance
mysuper is designed to help you invest your money towards achieving a positive future with regular contributions to your mysuper account. They are invested on your behalf by our investment managers to help them grow.
Each month regular performance updates for each of the mysuper funds are made available for your review, sharing with you short-term, mid-term and long-term investment performance. Taking a regular review of investment performance related to the mysuper funds offered can provide insight into how changes in market are impacting your investment.
How much will you need?
Many of us will spend more than a quarter of our life retired as life expectancy rises. How much you’ll need for your retirement will vary based on the lifestyle you want, where you live, and who you’ll be providing for. We’ve collated a few resources that might help you work out how much you might need and how to set goals.
Control your contribution
Your contribution plays an important role in helping you to reach your goals. As a member you can determine the contribution you’ll make at any time, adjusting it between 3% and 70% of your salary, increasing this in multiples of 1% as needed. Regular, small increases can be a great way to boost your investment and achieve your goals.
Review your investment strategy
As you age, or your financial goals change, you may want to revisit your investment strategy. This might relate to how your existing balance is invested, and/or how any future contributions you make are invested. You can change both your fund selection and the percentages invested in these funds at any time by logging into your mysuper account.
Complete an annual financial health-check
An annual review of your mysuper account and investment strategy can be useful and offer the opportunity to review progress towards goals and if any changes needed.
Is what you have set up now still what you need? Have things changed in your life that require an adjustment to your mysuper investment strategy or contribution rate?
Revisiting the steps above could be useful way to start your health-check.
Seek financial advice
Money from your mysuper investment forms an important part of your retirement savings. While it can be tempting to use your retirement savings for short-term needs, withdrawing your retirement savings early can have long-term consequences for your retirement lifestyle.
Whenever you are considering a withdrawal, you may wish to obtain financial advice. For financial advice relating to your specific circumstances, we recommend that you consult an Authorised Financial Adviser. You can find out more on how to find a financial advisor who is right for you via the Financial Markets Authority.
