Review your superannuation – grab your most recent super statement(s) - (or check the details online if it is easier).
You should have received your super statement(s) in the last few weeks and now is a great time to check that everything is in order and that your money is working as hard as you do.
- Do you know what super accounts you have?
- Do you have too many accounts and need to consolidate?
- Check your contact details are recorded correctly.
- Check that your TFN has been recorded.
- Check that a beneficiary is listed and that it is still current.
- Do you understand your investment strategy?
- Are you aware of your investment options?
There has been a lot of publicity in the last few years about fees for superannuation accounts. Whilst a small difference in fees can make a big difference over a long period of time this pales into insignificance if you do not have an appropriate investment strategy.
How your super funds are invested is a much more important consideration than which super fund to use. Some super funds will offer 5 or 6 choices whilst others offer hundreds. Take a few minutes to work through which investment strategy is right for you. Your super fund may well have a calculator on their website to help you with this or feel free to contact us to discuss it with you.
For many people super will be their second biggest asset after their home. Most of us will have super for decades to come. So take some time to review and understand what you have got in place and consider any changes that you think you need to make. Once you have things organized the way that you want them there is not often a need for major changes.
