Don't make these money mistakes your parents made

Hindsight is a wonderful thing so we’ve rounded up common money things people who are nearing retirement may have wished they had done differently.

Father and son posing for a selfie making faces. Son is making a peace sign

Loyalty to your bank

The days of loyalty bonuses for sticking with your bank are gone – so it’s time to ditch the ‘set and forget’ approach to your home loan. Get online and check you’re still getting a good deal and if you aren’t, ask them to improve it.

Not contributing to super early

We speak to lots of members who say they wish they had contributed to their super earlier in life. The longer your money is in super, the more time it has to benefit from compound interest and to earn investment returns. Every dollar counts in super, so put in what you can as soon as possible.

BOOST MY SUPER

Paying for insurances you aren’t using

Still have multiple super accounts floating around? You’re probably paying insurances and fees on those accounts that you might not even need. The Australian Taxation Office (ATO) holds around 5.38 million unclaimed accounts – you can check  what super you have and combine them into one with just a few clicks by logging into your TelstraSuper online account.

CHECK FOR YOUR SUPER

Avoiding the credit card

We often take our access to a strong line of credit for granted – but as you get older, it can get harder to get approved. If you feel you need a credit card get it sorted while you’re still working and can show a steady income.  

Saving travel for later in life

While Australians might be living longer than ever, common ailments associated with getter older can put a spanner in the works when it comes to travel plans. Saving a good amount of money in super can be key to being able to take that trip you’ve always wanted when in retirement. As an added incentive, TelstraSuper members can get discounted travel insurance and hotel accommodations.

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Worrying about leaving inheritance for the kids

The days of stressing about leaving a financial legacy are over. In fact, a recent survey conducted by National Seniors Australia found that only a small three per cent of respondents plan to hand over all of their savings as an inheritance*. On the other hand if you’re planning to rely on inheritance from your family as part of your financial plan this could be a worry.  Take control of your finances earlier and don’t be afraid to ask for help (see next tip!).

Not taking advantage of the help on offer

Getting help with your finances doesn’t have to cost an arm and a leg. Did you know that as a TelstraSuper member you’re entitled to simple financial advice about your super over the phone? It doesn’t cost you anything extra and taking hold of your super now could make you become better off come retirement time. You can also get holistic financial advice for a competitive fee – plus all TelstraSuper Financial Planners are independent of the banks. If you want to chat with a TelstraSuper Financial Planning Adviser give them a call on 1300 033 166 or fill in the online form and someone will call you back.  

GET HELP

*Source: National Seniors Australia and Challenger report -  Seniors more savvy about retirement income