Let's get super savvy with Gemma Mitchell

Nov 30, 2022

49:04

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Wanna get super savvy but have no idea where to start?

That’s why I’m excited to chat with one of my favourite women in superannuation. Her name is Gemma Mitchell and she is an absolute gun when it comes to this stuff. We talk about the small things you can do now, to ensure your super is looking as good as George Clooney does when you retire.

Ladies, get ready to take some notes because this one is a goody!

Gemma explains what superannuation is and explains how it’s different from an investment. Think of it as Future You’s wallet. She explains why it’s so hard to think about it and why it's SO important to think about it now, not when we retire.

Gemma talks us through how much super we should have, and how much we should be aiming to have when we retire. The ATO has a calculator you can check, but Gemma explains that this is a pretty conservative figure and isn’t tailored to your lifestyle. To make retirement planning less of a bore and much more relevant to your lifestyle the company Gemma works for (Super Fierce) has released a fun, interactive retirement planner called Blingo.

If you check out the Blingo calculator and your super isn’t where you want it to be, Gemma steps us through three easy ways you can have the biggest impact on your super balance. She also explains the different contributions including employer, concessional and non-concessional, spouse and super splitting. It’s important to get advice as there are lots of different ways you can do it, and the rules are always changing.

Gemma also talks us through a super exciting new incentive, that makes a huge difference if you’ve had time out of the workforce, or are self-employed, which is a huge win for women!

Gemma also reminds us that it’s a good idea to look for any lost super, which could provide a boost to your super. Plus - why it’s so, so important to check your insurance before you consolidate your super. She explains the different kinds of insurance that come with our super balances including life insurance, terminal illness, income protection and total and permanent disability as well as some important considerations when looking at your insurance policies.

If you don’t choose the investment strategy for your super funds, you’ll be given the default. Gemma explains that you can change this according to how you want your money to be invested, from defensive (safer investments) through to growth (shares and property) and how you might want this to change across your lifetime.

Think of your super fund as your future holiday fund for when you retire. We need to take action! We want to live our best life when we retire and getting our super sorted means that we get to do that.

Resources mentioned:

Super Fierce - Blingo

Super Fierce - Tailored & free superannuation report

Moneysmart - How much super you need

ATO - Your Superannuation Basics

Super guarantee percentage

MyGov sign in (to access ATO portal)

Super Rewards

Book: Life is Tough, But So Are You

Previous episode mentioned:

Investing Part 1: Girls Just Wanna Have Funds

How To Become a Goal Getter with Briony Benjamin