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How much could you retire with? This super fund knows

Mark Bristow avatar
Mark Bristow
- 4 min read
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How much could you retire with? This super fund knows

Is your fund more than just super?

Superannuation can sometimes feel a bit like a simple savings account or term deposit – money goes in, earns interest, and doesn’t come out again until you retire. But did you know that some Australian super funds offer financial education, advice and other services? Not all Australians take advantage of these services, which could make a big difference to your retirement plans.

For example, TelstraSuper offers a suite of tools and calculators to help you get your super organised, invest to your advantage, and get ready to retire with confidence. In fact, the fund was even named the back-to-back Chant West Pension Fund of the year in 2022 and 2023.

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While TelstraSuper has over 30 years’ experience taking care of the retirement needs of Telstra employees and their families, the fund has recently opened to the public, so anyone can join. 

Plus, TelstraSuper was also a winner in Money Magazine’s 2023 Best of the Best Awards with the Best High Performance Superannuation Product and Best Property Superannuation product, you can have confidence in how your retirement savings are being managed by this profit-to-members fund.

Some of the extra benefits you can get with TelstraSuper and other super funds include:

Support when you need it

Not sure what to do with your super money? Some super funds – such as TelstraSuper – will let you call up and talk through the investment options available to you, and help you work out which choices may best suit your needs and retirement goals. They can also help you understand any insurance on your account and how you could boost your super through extra contributions. 

If you prefer to explore the options at your own pace, you can often find plenty of self-education information on your super fund’s website, including guides, videos, news, articles and much more.

The Trustee for AWARE SUPER
High Growth (Lifecycle investment)
  • Industry
  • Income protection insurance

This super fund’s investment assets are focussed on growing your balance, so you can make the most of its potential over time.

Annual fee at $50k balance

$497

1 year return

12.00% p.a

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Financial planning

Is your financial situation a bit more complex than the next person’s? Do you have specific questions around the best choices to make for your retirement that aren’t directly covered in online guides or articles?

Your super fund may offer the option to have a fully qualified and licensed financial adviser run through your accounts and offer personalised advice on the next steps you could take to reach your financial goals, whether that’s to retire comfortably, pay off debts, buy a home or manage investments. You may be able to have your one-on-one chat with the adviser over the phone, on online video, or in a face-to-face meeting.

Australia’s Federal Government is also reportedly taking steps to make it simpler to access financial advice via your super fund, which could help you get the information you need to make better decisions around your retirement income and more.

Just keep in mind that you may need to pay a fee for these services. Generally, the more detailed and specific the financial advice, the more you may need to pay. Face to face appointments may also cost more than phone or online discussions. Have a think about whether the extra support will be worth this extra cost.

A useful online experience

Are guilty of “filing” your super statement in that drawer you never open? A lot of Australians “set and forget” their super and never even check their balance until they’re approaching retirement. Even then, they may rely on digging through paper statements rather than quickly and conveniently accessing their super account online.

You may be surprised by how much information is accessible to you, when you log into your super account or download your super fund’s app. 

For example, the TelstraSuper app lets you view your balance, contributions, investments and insurance, download your statement, access your digital member card, and more. No paper statements required!

There’s also a range of online tools and calculators that can help you do things like make a one-off extra super contribution, compare super funds, create a budget, or explore the perks of contributing like government co-contributions and tax incentives. 

Find out more about what TelstraSuper can do for you

This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.

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