Your superannuation is a significant asset that accumulates throughout your life, but many Australians tend to overlook it until retirement or neglect it entirely. However, taking a proactive approach and reviewing your super regularly can have a substantial impact on your financial outcomes. Here are five key reasons why you should make superannuation review a priority.

1. Secure Your Entitlements: Ensure that you are receiving the superannuation contributions you are entitled to from your employer. Small decisions today, such as missing out on contributions, can significantly affect your final super balance due to the compounding effect of earnings.
2. Stay Informed: Be aware of the whereabouts of your super. Keeping track of your super and understanding its status is crucial for making informed decisions about your retirement savings.
3. Early Decision, Lasting Impact: Small decisions made today can have long-term consequences on your super outcomes. For instance, missing out on employer contributions or having lost or unclaimed super can impact your retirement funds. Early action is key to maximizing your benefits.
4. Super Health Check Benefits: Conducting a super health check involves simple steps that empower you to manage your super effectively. It helps you understand your entitlements, make informed choices, and sets the stage for a secure retirement.
5. Annual Checkup: While you can check your superannuation at any time, incorporating a yearly health check when preparing your tax return is recommended. This ensures that you stay proactive in managing your super and making necessary adjustments.

Steps for a Super Health Check:

Update Contact Details:

• Verify your contact details and Tax File Number (TFN) on ATO online services through myGov.
• Ensure your bank account details are current.

Check Super Balance and Contributions:

• Monitor your super balance annually via ATO online services or your super fund.
• Confirm your employer contributions align with the required rates.

Search for Lost and Unclaimed Super:

• Check for lost super on ATO online services.
• Consider consolidating multiple super accounts for ease and reduced fees.

Review Multiple Super Accounts:

• Identify and consolidate multiple super accounts to streamline management.

Nominate a Beneficiary:

• Ensure you have a valid death beneficiary nomination to facilitate the smooth transfer of benefits to your loved ones.

Regularly reviewing your superannuation is a proactive step towards securing your financial future. Whether it’s confirming contributions, consolidating accounts, or updating beneficiary details, these actions can have a lasting impact. For personalised advice tailored to your circumstances, book an appointment with Avance, as each individual’s financial situation is unique.