IN YOUR 30S

EXPERT TIP Tim Newman, ING Direct

1 Make sure you’re in the right fund. In most cases your super is invested in a fund chosen by your employer (and in a lot of cases you’ll be invested in multiple funds). Check how much you’re paying in fees, and whether your current fund offers the options you need. If you’re not sure where your money is being held, go to my.gov.au to search where your super is currently invested. As an extra step, check which investment option you’re invested in. Most super funds offer a range of options with different levels of risk involved. Generally speaking, the riskier the option then the better the chance for potentially higher returns. And if you’re turning 30, you’re still a fair way from retiring and therefore have plenty of time to take advantage of higher return but more volatile investments.

2 Top up your super if you can. Consider making a personal contribution. If you’re looking to minimise the amount of tax you pay, you could consider salary sacrificing to help reduce your taxable income.

3

Get your goals in order. You should start making super a priority. It helps to have something to aim for, so setting yourself a goal to achieve at retirement is the best way to motivate yourself to invest more of your time (and money) into super.

4

As you get older and start accumulating assets (like property), consider insurance and its importance in protecting not only yourself but those who depend on you for financial support.

5

Consider advice. Let’s not forget the important role that advice can play in your future. Becoming financially savvy is one thing but taking the time to plan out your future is another. That’s where a financial adviser can help you make a plan and stick with it.