Many people might not think about their super until their close to, or at retirement age. However, it’s very important to keep track of your superannuation over the years to see what’s going on with your savings and to ensure it’s going to meet your needs when you do decide to retire. Here are five steps you should be taking right now to make sure that your super is in check!
Make sure you know where your superannuation is. How many times have you changed jobs over the years? Or did you move and forget to tell your fund? It is estimated that there are nearly 6 million Australians with lost super accounts! Make sure that this isn’t you and that you know where you super is so that you don’t miss out on the savings that you accumulated.
Did you know that your employer is required to pay 9.5% into your super? While your employer is required to do so, not all employers are in compliance, which means that you’re losing out on a lot of money. You can check to make sure the employer contribution is going in when you get your statement, or if you have an account online for your super, you can also check that to ensure contributions are being made.
When you have your statement, just don’t toss it aside and forget to look at it. There is information on your statement that you want to make sure is correct and up to date. For example, if you moved, if your balances look correct, if your employer is contributing, if you make personal contributions that they are accounted for, and are the fees, insurance cover and taxes correct?
When you get your statement, it’s also important to review. Ensure that your contributions are correct and you can achieve your retirement goals. Does your balance still meet your current and future goals? It’s important to keep an eye on things.
Finally, it’s important to keep excellent records of your super statements and any information pertaining to your super. File all statements together and compare them when they arrive. Know exactly where to find them so you can review regularly.
Not sure what you’re looking for or do you need more advice when it comes to your superannuation? A certified financial planner can help you explore your super and determine if its meeting your needs.