Five Step Super Health Check
Many people put off reviewing their superannuation year after year and overcomplicate the process of doing a simple review. If it’s been a few years since you’ve reviewed your superannuation it’s worthwhile setting aside an hour to do a simple super health check. The following five steps will help you make sure you have the basics right.
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Check that your Super is consolidated
Multiple super accounts mean multiple fees, which can eat into your retirement savings. Use the ATO’s online services to track down any lost super and consolidate your accounts easily.
Important Note: Before consolidating, make sure to check your insurance status!
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Check how you are invested
Your super’s investment strategy should match your risk tolerance and retirement goals. Are you too conservative? Or too aggressive in your investment approach? Adjusting your investment mix can significantly impact your super’s growth over time.
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Check what insurance you have
Most super funds offer life, total and permanent disability, and income protection insurance. Often, the cover is a default based on your age. Review your insurance needs to ensure you’re adequately covered without eroding your super balance unnecessarily.
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Check that you have a beneficiary nomination
Super isn’t automatically covered by your Will. Complete a death benefit nomination form to ensure your super and potentially life insurance proceeds go to your loved ones as you intended.
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Check your details to make sure they’re up to date
Keep your details current to ensure you receive important information from your super fund. Simple updates like providing your tax file number can save you from unintended losses.
Why this matters
By taking action on these tips, you can feel confident knowing that your super is in top shape for the year ahead. Superannuation is many people’s largest asset, if not, it is generally second behind the family home. Small changes can add up over time and dramatically improve your outcomes in retirement.
Getting help
If you want help reviewing your superannuation, whether you’re in Geelong or anywhere across Australia, we’re here to help. Click the “book a call” button now to schedule a free, no obligation call to discuss how we can assist with your super.
The purpose of this content is to provide general information only and is not personal financial advice. We strongly recommend that you consult a financial adviser prior to making any financial or investment decision.
Barwon Financial Advice Pty Ltd is an Authorised Representative of Lifespan Financial Planning Pty Ltd (AFSL No. 229892 ABN 23 065 921 735).