Improving your financial wellbeing today and for the future

Care Super

Financial wellbeing can be broadly defined as having enough money to meet your current commitments and needs comfortably today and maintain this into the future. 

With the current cost of living pressures, it can be hard to think about saving for the future, but there a few things you can do today to put yourself in a better position when you retire.

1. Choose a top-performing super fund 

Choosing a leading industry super fund with a strong track record of outperformance over the long term can mean more in your super account at retirement. 

If you’re a CareSuper member, you’re already with one of Australia’s best performing funds. Over 10 years to 31 December 2022, our Balanced (MySuper) option returned 8.29% p.a., this was ahead of the median return of 7.46% p.a.*

2. Have only one super account

If you’ve had multiple jobs, you could be in the 27% of Australians who have more than one super account.^#
 
Having only one super account means you’ll only pay one set of fees and it’s easier to keep track of your super savings.

3. Sort your insurances

Insurance in super can be an affordable and tax-effective way to protect you and your loved ones if something unexpected happens.  

CareSuper members have access to: 

• Competitive insurance cover for death and disablement
• Optional income protection insurance
• The option to tailor your level of cover
• The ability to transfer your existing cover from another fund.^

4. Improve your financial literacy 

Having some finance know-how and being on top of your money will go a long way to securing your financial future. 

You can visit our Education Hub to learn more about super and managing your money at all life stages. 

There are also lots of helpful blogs and podcasts out there that are dedicated to helping everyday Australians manage their money and improve their financial wellbeing.

5. Consider boosting your super 

It’s never too early (or too late) to start building your retirement savings. Making extra contributions now can make a big difference at retirement thanks to the power of compound interest. 

If you’re earning a lower income, it can be challenging to save for life after work. The Government recognises this and offers a co-contribution (called the super co-contributions scheme) of up to $500 for low- and middle-income earners who put a little extra into their super account.

Another handy way that you can boost your super is through spouse contributions. If you’re a low-income earner and your spouse contributes to your super, they may be able to claim a tax offset of up to $540 (if eligible).

We’ve outlined the different ways you can give your super a boost (and maybe reduce your tax bill while you’re at it) in our Boosting your super factsheet. 

7. Think long-term 

Super is a long-term savings plan to set you up for a comfortable life when you finish working. That’s why the government has a set of rules about when you can access it, known as conditions of release.

While we understand withdrawing some of your super will help if you’re experiencing financial stress, it’s important to consider the potential effects of doing this, so you can make an informed decision that’s in your best interests. 

8. Seeking advice

If you’re looking to take control of your finances seeking advice through your super fund is a great place to start. CareSuper members can access advice about their super over the phone as part of their membership.**

To learn more about CareSuper visit caresuper.com.au or contact Tara Lombardi, Business Development Manager, Partnerships at [email protected].

^*SuperRatings Fund Crediting Rate survey SR50 Balanced (60-76) Index – December 2022.
^#Your Future, Your Super — Reforms to make your super work harder for you. October 2020. Treasury.vic.gov.au.
Visit https://treasury.gov.au/sites/default/files/2020-10/p2020super.docx
^subject to insurers approval
 
**Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.

Past performance is not a reliable indicator of future performance and you should consider other factors before choosing a fund or changing your investments. 

This information is general advice only and does not take into account your particular financial needs, circumstances or objectives. You should consider your own investment objectives, financial situation and needs and read the appropriate Product Disclosure Statement and Target Market Determination before making an investment decision. You may also wish to consult a licensed financial adviser. 

CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226. CARE Super (Fund) ABN 98 172 275 725.