There are ways to rebuild your super after an investment switch or market volatility: some quick and some over time. We’ve touched on some of the key strategies.
The dip in your super balance due to market volatility isn’t permanent. If your investment horizon is 5 years or more, markets are very likely to fully recover from a market crash or prolonged period of volatility. By design, super takes market volatility into account so that over time your investment will grow more than it would have if it were invested in, say, cash.
There are ways to rebuild your super after an investment switch or market volatility: some quick and some over time. We’ve touched on some of the key strategies below.
Consolidate your super accounts
Now may be a good time to combine your super accounts. With your super in the one place, you’ll pay only one set of fees. Check if you have insurance or services with your other fund before you combine accounts.
Take advantage of the Government Co-contribution
Over the next 9 months, you can make small contributions to your super account. If you’re a low-income earner, you may then be eligible for a co-contribution from the Government when you submit your 2020/21 tax return.
Use the spouse contribution rule
Your spouse can contribute to your super to help you rebuild – as long as contribution rules.
Energy Super offers members financial advice about their super account, including investments, contributing to super, and insurance. Advice is provided over the phone and is at no additional cost to members. Give us a call today on 1300 436 374 or visit our website.