How to manage your super while you're not working
28 February 2023
Unemployed, having a child or on a career break? If you’re away from work for a long period it’s crucial to pay attention to super.
Whether you’re unemployed, on parental or carer’s leave, or don’t expect super contributions for a lengthy period for another reason, fees, costs and premiums will continue to be deducted from your super. Over the long term they could erode or limit any investment gains.
"Being away from work is a good time for you to review your insurance cover in particular, as you don’t want to pay for insurance if you’re not eligible for benefits,” says smartMonday senior smartCoach Patrick Howard. “Also consider making this break from work a time to review your super, such as if you have the right investment strategy for your circumstances.”
KEY POINTS
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Review what you're invested in and if it's still right for you.
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Check you're not paying for insurance you’re not eligible for.
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Speak with your partner about contribution splitting.
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Make voluntary contributions if you can afford to.
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Update your contact details with your fund.