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Check… that your Super is consolidated
Multiple accounts mean multiple fees, eating into your retirement savings. Use the ATO’s online services to track down lost super and consolidate your accounts easily.
Important Note – Make sure to check your insurance status before attempting any consolidation!
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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 when it comes to investing?
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. Sometimes the cover offered is a default cover based on your age. Review your insurance needs to ensure you’re adequately covered based on your circumstances and without eroding your super balance unnecessarily.
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Check… to make sure you have a beneficiary nomination
Super isn’t automatically covered by your Will, so complete a death benefit nomination form as per your wishes to help 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
This will ensure you’re kept up to date with important information from your super fund. Simple things like ensuring you have provided your tax file number can save you from unintended losses.
By taking action on these tips, you can feel confident knowing that you’ve made these steps and that your super is in tip top shape for the year ahead!
It’s an investment your future self will thank you for!
The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional. We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser.