Make the most of our smartCoaches

4 min read

The new financial year is well and truly underway, and with it the superannuation guarantee (how much super employers pay) has risen to 11.5% of your salary – so now is a great time to think about getting your super in order and taking action to build your retirement savings.

For those of you who haven’t yet reached out, our expert smartCoaches are ready and waiting to share information about your super and how to make the most of it.

Whether you want to fast-track your super, learn more about insurance or figure out how much you need to retire, they’re here to help – at no additional cost.

What do people ask coaches about?

We spoke to Johnny Ng, our smartCoach Adviser, to answer some of your most frequently asked questions.

FAQ: When can I access my super?
“It’s been a long wait, right? There are complexities around this, as it depends on when you stop working. Generally, you can access your super from age 60, if you are no longer working, or if you are transitioning to retirement - which means you drop your working hours and top up your lost income from your super. Our coaches can help you set this up.

“When you get to 65, it doesn’t matter if you’re working or not.

“You can also access your super if you become permanently incapacitated, are diagnosed with a terminal illness or meet other criteria for early withdrawal of your funds. First home buyers may also be eligible to withdraw some super under the First Home Super Saver Scheme.”

Find out more about when you can access your super at Money Smart.

FAQ: How is my money doing?
“Not surprising that this is a popular question! smartMonday finished the 2023-24 financial year with strong returns, despite a dip in the last three months of the year. With the new financial year bringing changes to tax thresholds and the superannuation guarantee, it’s a good time to check in on your account and look at your options. We offer a variety of investment options which carry different risk levels and target different levels of growth. Our smartCoach Advisers can help you decide which option is right for you.

“We tend to see this question more from people who are starting to think about retirement, which makes sense because as you get closer to retirement your risk tolerance shifts. Risk tolerance refers to the amount of loss you can withstand, and understandably those further away from retirement generally have a higher risk tolerance because they have more time to ride out market movements and hopefully regain any losses that occur.”

If you’re starting to feel worried about market movements, that’s also a great trigger to reach out to a smartCoach for help understanding your risk tolerance.

FAQ: How long will my money last when I retire?
“Your retirement income is dependent on three sources: Superannuation, the age pension and your personal savings. Most of our members derive a higher income from their super than from the other two.

“Members approaching retirement often ask for guidance with getting their super into the best possible place before transitioning into retirement. We help them to take the first big step into a new stage of life. And some people retire, then change their minds and go back to work, then retire again! So we're here to guide them through that as well.”

We offer a service that manages the establishment of a Transition to Retirement or full Pension account. Please note that a fee of $330 applies for personal advice on transitioning to a Pension account.

Of course, everyone’s financial situation is unique, but our smartCoach Advisers can help you crunch the numbers and check you’re on track.

FAQ: Can I use some of my super to buy my first home?
“Eligible first home buyers can withdraw up to $15,000 of their voluntary contributions and earnings per financial year (up to $50,000 over multiple years) to put towards a house deposit. A smartCoach can provide general advice about the pros and cons, tax implications and how this will affect your super. “We can also talk you through the process of applying for the First Home Super Saver scheme which has to be done through MyGov.

“We can’t offer cashflow analysis, so first home buyers need to work out what they can afford or seek specialist advice about this. The First Home Super Saver scheme isn’t the right approach for everybody.”

What else can I discuss with them?

“Your smartCoach can also give you advice on getting your level of insurance right and advising where you might need additional cover. We find younger members often reach out about this, when they want to learn more about what’s covered or how to use the insurance cover to their benefit.”

Johnny’s advice for younger members is that “super is a long-term saving project. The earlier you start, the more you can accumulate in the long term. We all have to make priorities in our life and our expenses as we move through life, but a few dollars here and there, or a small, fixed percentage, helps keep super on the radar – and you can adjust that percentage as you get older. Your older self will thank you!”

“People usually start to top up their super with voluntary contributions in their 30s and 40s and as they get older, those contributions tend to get larger, because there’s less time to wait for it.”

Whatever chapter of your superannuation story you are moving through, remember that smartCoach is only an email, phone-call or chatbot away. Your smartCoach will tailor advice to your story and your situation. Simply click below to start the process.

Past performance is not a reliable indicator of future performance

Any intra-fund advice is provided by or on behalf of smartMonday Solutions Limited.

The information in this document is general in nature and does not take account of your personal financial objectives, situation or needs. Before deciding whether a particular product is appropriate for you, please read and consider the relevant Product Disclosure Statement, Target Market Determination and Financial Services Guide available at smartmonday.com.au or by calling us. You should consider speaking with a financial adviser to obtain advice tailored to your personal circumstances. Contact us about the intra-fund advice services you may be able to access through your membership. Any intra-fund advice is provided by or on behalf of smartMonday Solutions Limited. . smartMonday and the trustee take no responsibility for you acting on the information provided. Any decision that you make is at your own risk.

smartMonday is a registered trading name of smartMonday Solutions Limited ABN 48 002 288 646 AFSL 236667, the sponsor of the Smart Future Trust ABN 68 964 712 340 (the Fund). The trustee of the Fund and issuer of this document is Equity Trustees Superannuation Limited ABN 50 055 641 757 AFSL 229757 RSE Licence L0001458. smartMonday products are part of the Fund. Issued October 2024. © 2024 smartMonday Solutions Limited