Balancing cost-of-living with long-term retirement goals

Saving for retirement might not feel like a priority when everyday costs are rising.
But there may be simple ways to keep your super on track without adding extra pressure to your budget.

Here are some simple steps to help you manage today’s costs while keeping your retirement goals on track.

Keep your super working hard without adding to your budget

Find and consolidate super

As you move from one job to the next, you may end up with multiple super accounts across different funds.

Having multiple accounts could mean you’re paying duplicate sets of fees and insurance premiums, which can reduce your balance over time.

Some accounts can also become ‘lost’ and transferred to the ATO if they stay inactive for a long time.

You can use MyGov to track down lost super. This could help you recover money you’ve already earned and move it back into your active account.

If you have lost super or multiple accounts, consider consolidating into GESB. This can help you keep more of your money invested in your future, without needing to contribute anything extra.

Check your insurance

The insurance premiums deducted from your super are based on your occupation category. If your role has changed, it’s worth checking that you're in the right category so you're not paying more than you need to. This could help reduce unnecessary costs and keep more of your super growing over time.

Review your investments

Your super is usually invested for a long time, often over several decades.

It’s normal for the value of investments to go up and down due to market movements, and rising prices and changing economic conditions could impact your balance. It can be unsettling if you see your super balance drop and could lead you to rethink your attitude to risk.

In general, it’s a good idea to review your investments at least once a year to make sure they still match your risk appetite and long-term goals. But during times of volatility, it’s even more important to pause and reflect on your long-term goals before making any changes to your investment options. You should also consider getting financial advice if you need it.

Log in to Member Online to review your insurance and investments.

Get support to make informed decisions

There’s a range of tools and resources to help you feel more in control of your super and finances, even while managing higher living costs.

Seminars and webinars

Our in-person seminars and online webinars cover a wide range of super topics. They’re designed to help you understand your options and build confidence about investing, growing super and planning for retirement – at no extra cost to you.

See upcoming seminars and webinars

Calculators

Our Retirement planning calculator can help you work out how much super you might have by the time you retire. It also helps you understand the trade-offs if you decide to stop or reduce voluntary contributions while managing day-to-day expenses.

Use our retirement planning calculator.

You can also use tools like Moneysmart’s budget planner to track your spending. This can make it easier to stick to a budget while continuing to set aside what you can for retirement.