3 super tips after a breakup
1. Check your insurance
Ask yourself, ‘What would happen if I got sick or injured?’
It’s a fair question, especially when you’re on a single income. The good news is you may already have insurance through your super. As a CareSuper member, you have access to group insurance rates, which are generally cheaper than insuring yourself individually. Check to see if you have insurance and update your cover at any time in Member Online.
Learn more about insurance through your super >
2. Update your beneficiary
When going through a divorce or separation, your super isn’t usually considered part of your estate. This means you’ll need to let us know who you’d like to receive your super (and any insurance benefits) when you pass away — even if you’ve updated your will.
You can make a non-binding nomination quickly and easily in Member Online or by calling us on 1800 005 166. Due to super laws, a non-binding nomination acts as a guide only. This means we’ll consider your nomination, but your super could end up going to someone else.
To make sure your super goes to who you nominate, you can make a binding nomination using our form. There are two kinds of binding nominations you can make (lapsing and non-lapsing), so see which one’s right for you.
3. Build your super balance
If your super balance has been affected by a divorce or separation, you might like to consider building your super up again. Making personal contributions to your super through your online banking using your BPAY®, available in Member Online, is the quickest and easiest way to top up your super from your after-tax income. Plus, you can make a personal contribution when it’s financially convenient for you.
You can also give your super regular boosts through salary sacrificing by asking your employer to make extra contributions on your behalf from your before-tax income. Just remember, there are limits to how much you can contribute to super each year called contribution caps. Salary sacrificing gives your super regular boosts, which can make a big difference over the long term. (Plus, it could also help you save on tax!).
Find out more ways >
Get super advice — it’s included in your membership1
If you’re a CareSuper member, you can get super-related advice over the phone at no extra cost.1 If your finances are more broad than just super, you can also get in touch with a specialist financial planner who can help.2
Learn more about your advice options >
We’re here to help
We’re here to help you get your financial wellbeing back on track, so you can enjoy your life after work. Call us on 1800 005 166 or get in touch online.
1Advice is provided by CareSuper Advice (ABN 78 102 167 877, AFSL 284443). A copy of the Financial services guide for CareSuper is available at caresuper.com.au/fsg.
2Advice is provided by one of our financial planners who is an Authorised Representative or Representative of Industry Fund Services Limited (IFS) ABN 54 007 016 195 AFSL 232514 as specified in their Financial services guide. Fees may apply. Further information about the cost of advice is set out in the relevant Financial services guide, a copy of which is available for download at caresuper.com.au/fsg-comp-advice or by calling 1800 005 166. IFS is responsible for any advice given to you by its Authorised Representatives and Representatives.
Information correct as at 1 November 2024.
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