Marriage, the birth of a child, or buying a new house are all big life events. Your super needs to keep up with the changes these big events bring.

So what changes are important to your super? Well, there are quite a few life changes to be aware of that may affect your retirement plan. Here are some common life changes that create a need to review your super. 

The objects of your affection change

For most people, this happens when there’s an addition to the family, with the birth of a child. This is the time to consider what happens to your super when you're not working. If you don't have that time to boost your super before you go on leave, your partner may be able to contribute* into your super account. This way, your super won't get left behind.

It's now more important than ever that you and your family are covered in the event of an illness, injury or death by ensuring you have sufficient Income Protection, Total and Permanent Disability (TPD) or Death cover. The birth of a child means you may be eligible to increase your insurance cover without having to provide medical evidence.

In addition, when your family expands, it's a good time to review your nominated beneficiaries to ensure your super and any insurance entitlements are given to the right person, if you pass away. 

The above considerations not only relate to having a child. If you become a couple, get divorced or there is a death in the family it’s also important to review your super account.  

Changing jobs

When changing jobs, there are a number of things to consider: location, salary, career path and maybe how the change will impact family. But what about your super? A change of employer does not mean you have to change who looks after your super. Regardless of your employer, you can take your TelstraSuper account with you.  And it’s easy to do.

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Changing jobs is also a good time to consider contributing a little more to your super. If you got a pay rise and your expenses remain the same, it may make sense to boost your super from your pre-tax salary and save on tax.  Adding a little extra to your super now may not make a big difference to your take home pay, but could make a difference to your lifestyle in retirement.

Buying a house

Buying a home is an expensive purchase that continues to be expensive month-to-month and well into the future. Once you purchase a home, it’s important to review your insurance cover to ensure it will cover mortgage costs in order to protect your family should death, disability or illness occur. 

We offer the handy Life Events cover which enables you to increase your insurance cover without the need to provide medical evidence, if a significant event occurs such as buying a new home.

If you’re struggling to save for that house deposit you may be eligible for the First Home Super Saver Scheme (FHSSS). The scheme allows eligible first home buyers to withdraw their voluntary super contributions, along with deemed earnings, to put towards a house deposit. For many people, saving for a first home through super could be more tax efficient and the earnings may help to grow the deposit more quickly.

Reducing your work hours

More and more people are working part time these days, with work - life balance at an all-time high. If you’re working part-time, you’re also saving less for super. But with a bit of careful planning, you can still build up your retirement savings.

There are affordable and tax effective ways to grow your super. You could consider salary sacrificing when you’re still working full time to help make up for periods of working part-time when your super contributions are lower. 

If you have a spouse they may be able to make a contribution to your super account on your behalf – and receive a tax offset.* Or you can let the government boost your super with the co-contribution scheme. 

Need help keeping up?

As you can see there is a lot for your super to keep pace with.  Reviewing your insurance, nominating your beneficiaries and looking at your contribution options are simple things you can do to make sure your super is reflecting your current lifestyle.

TelstraSuper Financial Planning Advisers are here to help. Give them a call on 1300 033 166 or fill in our online contact form to have someone call you back to discuss your life changes and how your super may be impacted.