Marriage & family
With all the anticipation and joy that comes with starting a family, there’s also lots of change.
Changing your name
If you’re changing your name, you’ll need to let your super fund know. If you have multiple super accounts to consolidate they must be in the same name, as the personal details on any two accounts have to match to be consolidated. If you have different names on different accounts, it could cause you hassles down the line.
Your beneficiary is the person/s who you would like to receive your super money, and any additional insurance benefit, should anything happen to you. Not having a beneficiary listed could mean more stress and paperwork for your loved ones in the event of your passing, and it can take a lot longer for a payment to be made.
Changes to your family could mean changes to your salary, financial dependencies and increased debts. You should assess your levels of death, TPD and salary continuance insurance to make sure you and your family are covered if anything goes awry and check back in if you’re looking to take a career break or extended parental leave.
Contribution splitting & spouse contributions
There can be benefits of managing your super together, especially if one spouse has a higher income. Read further about the benefits of making super contributions to your spouse’s super, or splitting certain contributions that have been made to your own account.