Landing your first job

Your first job is your first step on your super journey and starting strong can make a big difference.  

• Choose the right super fund: Select a fund with low fees and strong long-term performance.
• Understand your super: Learn how super works and make sure your employer pays you the right amount of super.
• Consider adding more: Putting extra into super regularly can make a HUGE difference to your balance down the road. So, start riding that compound returns wave early.
• Review investment options: Time is on your side. Get advice to see if switching to a more aggressive investment option is good for you.

Changing jobs 

Did you know Aussies change jobs around every three years¹? That’s a lot of first days! It’s also a lot of opportunities to make sure your super is working hard for you.

• Update your employer: Tell your new employer your preferred fund to ensure you super keeps going into the right account.
• Consider combining accounts: Multiple super accounts = multiple sets of super fees. Save money and hassle by combining your super into one account.  
• Consider adding more: New job come with raise? Consider increasing your super contributions to match your higher salary.
• Review your insurance: Make sure your cover is appropriate for your new role and salary.

Getting married

Whether you tie the knot or keep it de facto, it pays to be on the same financial page as your partner. 

• Have the ‘super’ talk: Discuss how you’ll manage super and investments.
• Review beneficiaries: Update your beneficiaries to reflect your current relationship status.
• Consider spouse contributions: Think about using spouse contributions to boost your combined super savings.

Buying your first home

Entering the property market can be intimidating. Your super could help.

• First Home Super Saver (FHSS): Consider using the FHSS scheme to save a deposit faster.
• Get advice: Seek professional advice to understand the implications of using super for property purchases.

Having kids

Raising kids can be a joyous time! Just make sure your super keeps growing with your family.  

• Plan for parental leave: Understand how taking time off to start a family can affect your super. Consider making extra contributions if possible.
• Contribution splitting: Explore splitting contributions with your partner, especially if one or both of you are taking parental leave.
• Review your insurance: More kids = more financial responsibility. Make sure your insurance matches your growing family dynamic.

Getting divorced

Life happens. Not everything goes to plan. When relationships break down, you need to know how it affects your super. 

• Understand super splitting: Learn how super is divided during a divorce and seek legal advice if necessary.
• Update beneficiaries: Change your beneficiary nominations to reflect your new circumstances.

Planning for life after work

Whether you ease into retirement gradually or dive in headfirst, having a plan will make transitioning to life after work more rewarding.  

• See if you’re ‘retirement ready’: Maximise your super and start planning by working through our retirement readiness checklist.
• Get informed: Register for a ‘Getting retirement ready’ or ‘Centrelink and the Age Pension’ event or webinar. 
• Review investment options: As retirement nears, your investment goals might change. Get advice to see if switching to more conservative investment options is good for you.
• Consider downsizing: Selling your family home and contributing some or all of the proceeds to super can be a great way to give your super a boost.
• Get financial advice: Get expert advice to make sure your retirement plan will work for you.

Embracing life after work

Get excited! Life doesn’t stop after work. This is just the beginning.

• Accessing super: Understand the conditions for accessing super and the tax implications. 
• Plan withdrawals: Decide how you’ll withdraw your super — lump sum, regular income, or a combination of both.
• Prioritise your health: Maintaining a healthy mind and body are essential to embracing life after work.
• Think beyond money: Travel, embrace hobbies, connect with friends and family or give back. You decide how to thrive in retirement.

Sources
¹- How many career changes in a lifetime? – The Uni of Qld