We’ve got the information you need to help keep your future in good hands
Whatever stage of life you’re at, we’ve got the information you need to feel more confident about your financial future.
People often reassess their financial situation at key life stages like buying a house, getting married or having children, but it’s good to think about your finances more frequently. It’s important to think about your super and setting yourself up for the future, no matter what age you are. In fact, the sooner you start, the better off you could be as super is a long term investment that needs time to grow.
Here’s some simple ways to manage your money better and move yourself forward financially.
Industry SuperFunds want to help all Australians maintain a comfortable lifestyle into retirement. We want to help you plan for and grow your super so you can set yourself up for retirement, whether that comes earlier or later in life. We have joined with Australian tennis champion, Lleyton Hewitt, who is retiring from playing professional tennis this year to remind members of the importance of superannuation and planning for your retirement.
Here are a series of videos that give you an insight into Lleyton’s life as he transitions to a new phase of his life. And remember, no matter who you are or what age you are, you should always think about your finances and setting yourself up for the future.
LLEYTON HEWITT ON DETERMINATION
LLEYTON HEWITT: Like anybody in whatever they do in life, I think if you can look yourself in the mirror at the end of the day and know that you gave 100%, that’s all anyone could ask of you.
CHERILYN HEWITT (MOTHER): I was the phys-ed teacher class, and so, he used to be in my phys-ed class and he’d always sit at the back of the class. He’d never say boo… But then I’d watch him in a tennis match on a Saturday where he was so competitive, and he had to fight for every point.
GLYNN HEWITT (FATHER): You referred to him as a Jekyll and Hyde.
CH : There was two personalities…what he gave out on the court he was giving his all and yet off the court he is such a quiet, loving, caring kid.
LH: Yeah for me some of the tougher times as a player, you know, losing your first round after defending your Wimbledon crown, that was a really rough stretch. How I mentally came back to win the Davis Cup for Australia that year in 2003, I couldn’t be prouder about how I responded.
When you go out there and you know how hard you’ve pushed, especially off the court…you know on the practice court and in the gym and then when you actually get the opportunity to hold up the big trophies in front of such a big crowd and that adrenalin rush, ah, makes it all so satisfying and worthwhile because you know the sacrifices you’ve had to make along the years, to actually be in that position.
PETE SMITH (FORMER COACH): I’ve never been good enough to know what it feels like to be in the top 100 players in the world, let alone the top one. So I have major respect, massive respect for anybody that’s been there and still come out at the other end a… normal kind of person. But I think the challenges ahead of him are significant.
LH: I’m born with a competitive drive and to try and get the most out of myself um… and that moves into the new role that I’m in now. As a Davis Cup Captain moving forward to help these young guys. I’m moving to a new phase of my life now where another door opens up where I can actually, you know, open my eyes and learn a whole lot about that different space of coaching and being these guys mentor. I think I’ll be driven…for you know…until I’m pretty old anyway. I want to get the most out of myself, I want to give my kids and my family the best opportunity for them to go ahead and follow their dreams as well…and try and be the best possible people they can be.
Lleyton Hewitt on family
LLEYTON HEWITT: I always wanted to set up my family and especially my kids moving forward. And that's such a fortunate thing that I was able to do that by doing something that I love doing.
We went to the Australian Open every year pretty much since it moved from Kooyong. I’ve dreamt once of having that opportunity of walking out there on centre court um…I hung over the rafters trying to get a Pat Cash headband.
GLYNN HEWITT (FATHER): We’d be carrying him up Punt Hill Road asleep at ten or eleven o’clock at night, because we had them there all day.
JASLYN HEWITT (SISTER): Lleyton always wanted autographs, but he never really wanted to go up and get them, so he’d usually force me to go and do his dirty work.
LH: The Australian Open was something that I was so passionate about, it was one of my favourite tournaments of the year. I was playing the 2005 Australian Open, it was just an amazing two weeks of my life…my best ever result but I went on to lose an epic four-set tight match against Marat Safin in the final. That evening then I… I’d already bought an engagement ring to ask Bec the question but I wasn’t planning on doing it then. We were back in the hotel room, I actually had ice nearly all over my body, I was in a bit of pain, sort of sitting next to this couch… and she was sitting on the couch. It was really strange because I’m a guy who spends a lot of detail in preparing things to get the right outcome and this was just an absolute spare of the moment thing. I lost the tennis match but obviously, won in life. You know the last eleven years have been absolutely fantastic.
To think then that playing 20 Australian opens in a row, is a…you’ve got to pinch yourself.
You have a lot of concerns with retirement just purely because it’s a total different pace I guess.
GH: He’ll face the same challenges as anyone else I think if you move from an environment you’ve been in for twenty years or more, into a completely different environment. He’s going to be the same as anyone else in that respect.
LH: Our main priorities have always been the kids and working out the best possible way for them to try and realise what they want to do in life and that’s going to be the biggest thing now, working out what their passions are moving forward.
CHERILYN HEWITT (MOTHER): The future looks great for Lleyton, his family life looks great, he’s got a very talented wife and children and he can enjoy and be part of all that.
LH: Alright Cruz, whoever wins this point gets an ice cream…deal?
CRUZ HEWITT (SON): Deal.
LH: I talk to my kids about what they want to do and…Cruz is probably the one that’s very set in his ways that he wants to be a tennis player and win more Wimbledon’s than dad. I think I’ve obviously worked extremely hard to put in a lot of long hours to have a good base for my family to obviously feed off now and I feel very fortunate for that.
Lleyton Hewitt on sport
LLEYTON HEWITT: Playing on stadiums like Rod Laver Arena at The Australian Open and Wimbledon, Centre Court…
The adrenaline rush of walking out in front of 15-20,000 people screaming for you, they’re moments that I’ll treasure forever.
Growing up from a sporting background, where both my parents played sport professionally, so I just thought nothing extra of it, I wanted to compete and play sport from a young age. But Australian rules football always came first for me. I probably loved it more, as well, knowing that my father, grandfather and uncle were all professional Australian rules football players so it was sort of a dream of mine, I guess, to follow in their footsteps
PETE SMITH (FORMER COACH): No doubt, he’s a skilled footballer ah, but I’m not sure that he would necessarily have been a gun AFL player. We tend to play that down a bit with him.
LH: I'd been world number one tennis wise, I'd won grand slams, I'd won the Davis Cup, but I'd actually been in close contact with Mark Williams who was the coach of the Port Adelaide Power in South Australia. He actually threw it out there to me that he would guarantee me a spot to see if he could turn me into an AFL football player. This was just after I’d lost first round at Wimbledon as the defending champion so I was a little bit upset at the time, just lost my world number one ranking as well.
GLYNN HEWITT (FATHER): It wasn’t necessarily a…falling out of love with tennis, it was more the excitement at having a crack at Aussie Rules at a top level. He gave it a lot of thought, he gave it a lot of thought…but basically we just had to say, look this is a no brainer, you can’t do this.
LH: It was something that every time I’d think about it, I was excited about but obviously tennis I still felt like I had a lot to achieve in the sport.
CHERILYN HEWITT (MOTHER): Tennis has been his life since he was a little kid and now the future holds a place there for him.
LH: Yeah, for my future now I feel great about sport even though I am retiring from professional tennis, I still want to be involved in sport. I enjoy obviously pushing myself still. …Yeah I guess to still be able to go out there and have a goal to be able to try and achieve something as well.
I think like anyone else, your outlook does change when a certain career is coming to an end but I think other doors open up obviously and it’s about keeping an open mind with…You know, still finding things that you’re passionate about.
I’m not nervous about the next transition and retirement…I guess it’s something I’ve thought about for the last few years and where I wanted to stop and the greatest thing about the position that I’ve put myself in is I get to retire on my terms and when I wanna hang up the rackets… and that’s something that I’m really thankful for.
How much will you need to retire?
Everyone’s idea of retirement is different, but there are some simple ways to make sure you get your retirement plan on track. While the amount you need depends on a variety of factors, the first step is to find out how much income your super will provide in retirement based on your employer’s current super contributions, then work out how much you think you’ll need in retirement and if there’s a shortfall, what steps you can take to increase your super balance.
We have a range of tools and calculators to help you put your retirement plan into action.
- The Retirement Balance Projector can let you know how much your superannuation may be worth when you retire.
- Our Retirement Needs Calculator will help you work out how much super you might need.
- You can Find Extra Money for Super and see how small additions now could make a big impact later.
Get active with your finances at any age
To get the most out of life after work – from health and wellbeing to staying socially active and inspired, and of course taking care of your finances – you need to get active now.
Here are some tips to make the most of your financial situation to set yourself up for the future, no matter how old you are.
- Retirement is certainly not a word on your radar so it’s easy to think the future will take care of itself. The good news is that your super can take care of itself as long as you do one very important thing: belong to a high performing super fund that will work hard for you for the next 40 years and deliver the best possible returns on your savings.
- If you get a second job to help cover those uni fees, enter the workforce full time or change jobs working your way up the corporate ladder, most people can keep the same fund. Doing this is simple – just tell your employer who your super is with. This will also mean you don’t accumulate multiple super accounts and pay extra fees unnecessarily.
- If you think you have more than one super account consolidate your super into one account and save on multiple management fees
- If you have a bit of extra money, consider making additional contributions so that you can make the most of the compound interest.
- If you still have more than one super account consolidate your super into one account and save on fees. You can also check to see if you have any lost or unclaimed super you didn’t know about.
- As your career grows and you change jobs, most people can keep the same fund. Doing this is simple – just tell your employer who your super is with. A new job can be life changing, as can buying a house, getting married or having children. You’ll likely reassess your financial position at these key life stages, so make sure you check the progress of your retirement nest egg too and think about speaking with a financial advisor to help maximise your situation.
- If you’re changing jobs or returning to the workforce after having children, most people can keep the same fund. Doing this is simple – just tell your employer who your super is with.
- If you’re worried you won’t have enough for a comfortable retirement, just remember it’s never too late to boost your super. You can also get free financial advice or pay to speak with an independent advisor about your personal situation.
- There’s still time to capitalise on the impact of compound interest, so if you have a bit of extra money, consider making additional contributions.
- If you have a bit of extra money, consider making additional contributions to save on tax.
- Consider your options as you approach retirement, such as transition to retirement.
- If you’ve discovered that you haven’t saved enough for the lifestyle you want in retirement, don’t panic, you can speak with an independent advisor about your personal situation.
- Make the most of your retirement here.
So whatever age you are, thinking about your super along the way will make a world of difference to you finances. Every Australian deserves to retire comfortably, so getting on top of it early is a smart idea.
Consider a fund's PDS and your objectives, financial situation and needs, which are not accounted for in this information before making an investment decision. ISA Pty Ltd ABN 72 158 563 270 Corporate Authorised Representative No. 426006 of Industry Fund Services Ltd ABN 54 007 016 195 AFSL 232514.