When you receive your annual superannuation statement each year, you should check these five important sections:
Make sure you are receiving an annual super statement! You should check your super fund has your correct email and postal address. If you are unsure what super fund(s) you have, you can log onto your MyGov account and check via the ATO portal.
Check your employer is putting in your super contributions (and the correct amounts). For the 23/24 financial year, you should have received 11% of your salary into superannuation. You can also match the Year to Date amounts from your payslip at June 30, with the amounts received on your annual statement.
Compare the long term investment rates of return of your super fund against a relevant benchmark. The ATO has a simple comparison tool, or if you would like a more through and wide ranging comparison option, as Financial Planners we can help. You also need to consider whether your existing asset allocation is suitable for you investment timeframe, particularly if you are nearing retirement.
Make sure you have the right amount of Life Insurance, TPD Insurance and Income Protection. A few years ago many people's insurances were cancelled on them so you need to check you still have them! As advisers we can calculate how much insurance you need for your individual circumstances and then pick the best provider for you based on your health, cost and product quality.
You should make a beneficiary nomination! This nomination gives your super fund the name of who you would like your benefit to go if you were to pass away. Without one, the decision can be at the discretion of the super fund which may not be as per your wishes!
We know superannuation can be complex, so if you need help you can reach out below:
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