The importance of a super health check-up

Your superannuation is one of the most significant financial assets you'll accumulate during your lifetime. Yet, many Australians tend to neglect it until retirement, or worse, don't think about it at all. We’re here to tell you that it's crucial to start early and regularly review your super. Taking proactive steps today can significantly impact your financial wellbeing in retirement.

The power of early review

Your super is an investment that deserves your attention — start early to reap the rewards later. 

A comparative example.

Two individuals, John and Sarah, start their careers at the age of 25. John pays little attention to his super, assuming it's too early to worry about retirement. Sarah, on the other hand, takes an active approach. She monitors her employer contributions and ensures her super is on track.

Fast forward 30 years — John realises he’s missed out on significant employer contributions and the compounding effect of earnings. His super balance is not as healthy as he hoped. Sarah, however, has a substantial nest egg thanks to her early diligence.

What can we take away from this? Small actions, such as monitoring employer contributions and staying informed about your super's whereabouts, can lead to substantial financial gains in the long run.

Navigating lost super

Have you ever moved, changed your name, or switched jobs? If so, you may have lost track of some of your super. This is why it's crucial to ensure your super fund has your current details.

Lost super refers to funds that have lost touch with you, resulting in inactive accounts. Unclaimed super occurs when your fund transfers lost super to the Australian Taxation Office (ATO). All your super accounts, including lost and ATO-held super, are displayed on ATO online services.

Take control of your super

These simple steps can help you have better control of your super and ensure a secure retirement.

• Active management: By actively managing your super, you gain peace of mind knowing you're in control of your retirement savings.
• Understand your entitlements: Regularly reviewing your super helps you understand the benefits you're entitled to. Super regulations may change over time, so staying informed is key to maximising your super's potential.
• Update your contact details: Keep your contact details, tax file number, and bank account information up to date to prevent lost super and ensure a smooth financial journey.
• Check your super balance & employer contributions: Monitoring your super balance and employer contributions is essential. Talk to your employer to make sure you understand employer contributions.
• Search for lost & unclaimed super: Claiming lost and unclaimed super can significantly boost your retirement savings. You can ask your super fund about this.
• Consolidate multiple super accounts: Having multiple super accounts can lead to unnecessary fees and confusion. Consolidate your accounts and choose the right fund for your financial needs.
• Nominate your beneficiary: Ensure a smooth transition of super benefits in the event of your passing by having a valid beneficiary nomination in place.
• Make informed retirement choices: Whether it's choosing the right investment options or deciding when to retire, the earlier you start making key decisions, the more choices you’ll have.

Need support? You've got it.

We can provide invaluable assistance in managing superannuation.

We’ll help you set financial goals and navigate complex tax regulations to maximise after-tax returns. We can advise on contribution strategies and ensure compliance with superannuation laws. Overall, we’ll empower you to make informed decisions and optimise your superannuation strategies for a secure financial future. Talk to us about your super and let's plan for your retirement.