11 Jun 2024 | Blog

Optimising your Super: An annual 5-step checklist


Keeping your retirement nest egg in tip-top shape is vital for safeguarding your financial future. Much like an annual physical, regularly conducting a “Superannuation Checkup” can help you maximise your savings and protect your long-term financial well-being.

By following these five straightforward steps, you can take the reins of your super and ensure it aligns with your goals and current situation.

1. Reduce your overall admin/investment fees

Having super spread across numerous accounts means paying excessive fees that can chip away at your retirement funds. Utilise the ATO’s online services to locate any lost super and easily roll your accounts into one.

Important note: Before consolidating, verify your insurance coverage won’t be impacted!

2. Assess your investment approach

Your super’s investment strategy should match your risk tolerance and retirement timeline. Are you playing it too safe or taking on too much risk?
Review the investment options available. Adjusting your investment mix can significantly impact your super’s growth potential over the long run.

3. Review insurance needs

Most super funds provide life, total and permanent disability, and income protection insurance. Evaluate your insurance requirements to ensure you have adequate coverage without unnecessarily depleting your super balance.

4. Nominate your beneficiaries

Super doesn’t automatically pass to beneficiaries through your Will, so nominate your intended recipients to ensure your super goes to your loved ones as planned.

5. Update personal details

Keeping your details current will ensure you receive all important communications and updates from your super fund. Being proactive in monitoring and managing your superannuation is key for a secure financial future. By taking the necessary steps to optimise your retirement savings, you can greatly enhance your long-term financial security.

Don’t delay – conduct your Superannuation Checkup today!

The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your personal objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial adviser to consider whether that is appropriate having regard to your own objectives, financial situation and needs.

Liked this article? Share it!

Start building your financial future today