Managing your superannuation during COVID-19

LGIAsuper, the superannuation fund for thousands of Queensland residents is encouraging locals to take stock of their superannuation during COVID-19. 

LGIAsuper, which has more than 75,000 members, said that the recent stock market volatility might be causing concern for some members. However, because superannuation is a long-term investment, there are a few things that members can do today to keep their retirement savings healthy and growing for the future.

CEO Kate Farrar said it could be tough watching your superannuation balance going down in the short-term, but the most important thing was not to panic.

“In fact, now is the perfect time to set your superannuation on the right track for a comfortable retirement,” Ms Farrar said.

“We are seeing a lot of people using their time during COVID-19 to get fit or learn a new hobby. So why not take some time to get familiar with your superannuation strategy, especially if you are concerned about your balance and feeling a little helpless.

“Whether you are new to the workforce or approaching retirement, there are several things you can do to improve your long-term financial fitness when it comes to superannuation.”

1. Review your investment strategy: As you age, and your time to earn in the paid workforce shortens, you may look to reduce the risk in your investments. Check that your current strategy matches your current risk appetite and stage of life and make adjustments where needed.  LGIAsuper has made it easy to learn what level of investment risk you are comfortable taking with our Investment Risk Profiler.
   
   
2. Know where your superannuation is: The Australian Taxation Office (ATO) reports that as of 15 November 2019 there was over $2.8 billion dollars of lost or unclaimed superannuation in Queensland. Knowing where your superannuation is and how much you have accumulated over your working life is extremely important if you are looking to build a secure financial future. If your superannuation is lost or missing, you are unlikely to have any control over how it is being invested or the fees you are paying. 
   
   LGIAsuper members can track down their super with the Find my super tool in Member Online.
   
   
3. Check your beneficiaries: What happens to your superannuation in the event of your death? Superannuation can be one of your biggest assets, but it doesn’t automatically form part of your estate. By nominating a beneficiary, you decide who should receive your death benefit payment.
   
   Go to lgiasuper.com.au/retirement/nominate-a-beneficiary, where you’ll find a binding death benefit nomination form. You can check your beneficiaries in Member Online.
   
   
4. Seek advice: Our member and employer support teams are available to help you by phone or by email.
   
   An expert can help you understand your super and guide you through your options. It’s never too early or too late to receive financial advice – and it doesn’t have to cost you a fortune. For example, LGIAsuper members can access single issue advice over the phone at no additional cost.
   
   
5. Make use of online tools: At lgiasuper.com.au you can access useful information about superannuation or log in to your account to make requests and changes. You can view or update your account online at any time, but we do urge you not to make any rushed decisions.

LGIAsuper recently maintained its SelectingSuper AAA Quality Assessment and works hard to educate people on ways they can maximise their superannuation and prepare for a better retirement.

“Many of our members are impacted by COVID-19, and it is important they know we are standing with them, and working tirelessly to protect their retirement savings,” Ms Farrar said.

To start taking proactive steps to a more financially secure future, Queenslanders are encouraged to visit lgiasuper.com.au to access a range of online tools.