superannuation retirement account investing

If you’re not actively managing your superanuation retirement fund, read this now!

12 months ago, I didn’t even know the log in details for my online access to my superannuation retirement fund. When I was in my 20’s, a retirement account was of no interest.


This was probably due to the fact that in my 20’s, money was only of interest if I could access it RIGHT NOW.


Additionally, retirement seemed like something that ‘later me’ could deal with.


Well, I am now ‘later me’. And, as ‘later me’, I care about all of my money, including that which I can access now and that which I cannot access until retirement.


So, I decided to get the ball rolling and contact my superannuation fund, Q Super. In doing so, I was not only provided with login details for my online account, but given a run down on the free services I can access through my fund; including basic financial advice, help with budgeting, etc.


Once I logged into my account, I was able to see my investment portfolio and how much was in my account. In addition, I was able to view and amend my income protection insurance, total and permanent disability cover and death cover; which are automatically provided with fund membership.


superannuation retirement account insurance premiums

Look for something like this to see if you can review your insurance premiums



What I discovered next was very intriguing. In among my insurance was a box titled “Occupational rating”, with the option to change the occupational rating. So, naturally, I clicked through to see what it was about.


I soon discovered that my default occupational rating was “general”.


Superannuation retirement fund money management save money early retirement

Default premium costs

Under this rating, I was paying monthly premiums of $13.52 for death cover, $34.90 for income protection and $16.26 for total and permanent disability cover.



As the website gave the option to change my occupational rating, I thought I’d check it out. After filling out a 2 minute questionnaire about the type of work I do, I was prompted to change my occupational rating to “white collar”. So, I did.


As it turns out, my actual occupational rating “white collar” is considered less risk than the default option of “general” that is automatically assigned to customers upon opening a superannuation account with Q Super.


superanuation retirement fund money management save money

Much better!!!

As a result, my premium amounts were recalculated. Well, low and behold, my new insurance premiums were $8.06 for death cover, $29.62 for income protection and $10.46 for total and permanent disability cover.


That’s an instant saving of $16.54 a month on insurance premiums. Therefore, I could now save approximately $7000 (not considering inflation or fund performance) extra for my retirement. I achieved this simply by finding out my online login details and undertaking a 2 minute survey.



I’m not sure if occupational ratings (or similar) apply to all superannuation funds and associated insurances.


Additionally, I’m sure that most people are already all over their retirement accounts.


However, if you’re like me 12 months ago, I’d strongly recommend you log into your superannuation account NOW.


Given the savings I’ve been able to achieve so simply, you’d be pretty silly not to give it a go.


After all… From little things, big things grow.


Cheers, TFC.

Posted in Money Management Tools and tagged , , .

The Flawed Consumer is a Gen Y consumer that is on a mission to achieve wealth simply by changing spending and lifestyle habits.

Leave a Reply

Your email address will not be published. Required fields are marked *