The fact you’re 21 years old and already thinking about Super is amazing 🙌.

I wish everyone in their 20's was reviewing their Super.

There are 4 things I think you should look at:

- What are you invested in (how much risk are you taking)?

- What are the fee's?

- Is the average performance good?

- Should I be boosting/contributing extra to it?

Inconsistent income:

As your income isn't set each week, maybe look at contributing a small amount (potentially start with an amount you wouldn't notice missing?) and then as you get more/extra income you could add more. If you're doing this as a direct transfer to your Super, there is normally some paperwork to complete at the end of the year so you can claim it as a tax deduction.

Depending on your goals and once you finish Uni and if your income becomes more stable, you might be able to create a regular amount as contributions. Even small contributions that you think won’t make any impact do, promise. You could see tens, if not hundreds of thousands of dollars more at retirement stage.

What to look for:

Ideally, you want a low-fee, high-performing net performance fund (look for the longest time horizon possible on past performance, remembering it’s never a guarantee), with the right level of risk for your life stage, that is aligned with your ethics. The general rule of thumb is the longer you have till retirement, the more time you have to ride out market volatility. I know that’s a mouthful.

We did some surface level digging:

Looking at your current investment at a very general level, it looks like it is invested in a high growth option with the current 1-year performance being 9.45%p.a. and the 10-year return being 6.75%p.a. with a current investment cost of $433p.a. for a $50k balance. So the question to ask here is... does this investment and fund meet your needs & align with your values and long-term goals?

If yes, fantastic. If not, it may be time to do some research.

Capital Gains Tax:

Remember if you change the underlying investment option you’re in, or you move to another fund completely you will incur CGT on any gains, although how CGT is calculated inside Super is different to how it's calculated if it's in your personal name. You also may have a different fee structure.

Switching & Insurance:

You can always use the MyGov Super Comparison Tool to compare funds. Just remember before you look to leave a fund, make sure to check for any insurance within the fund. This might be Life, Total and Permanent Disability (TPD), and/or Income Protection insurance.

If you are thinking about changing super funds, people usually keep the existing insurance until the replacement policy is issued and their new cover is confirmed. You can give your fund a call to make sure you follow their process.

Good luck and I know everyone older who is reading this is proud of you for getting onto it now (and probably wishing they did too!).

Jess

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Obvs all of this is general advice only... especially important to note any and all of the comments above do not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs.