Bank statements, financial accounts, insurance summaries… it’s easy to disregard the barrage of mail we receive from financial and other institutions, assuming all is travelling along nicely. One statement in particular, the one from your super fund, may seem especially irrelevant or let’s face it, just plain boring, particularly if retirement is still a way off.
The reality is that super is actually one of the biggest assets we will ever own. Taking the time to check certain details of your yearly super statement can make the world of difference on the final amount your nest egg serves up once retirement hits.
Next time you receive your super statement, bring this guide along with you to help you understand the important bits of the statement, before tossing it into the ‘to file’ pile. You’ll thank yourself later!
- Check your Tax File Number
You may well assume that your super fund have your TFN on record, but many cases have shown otherwise. If your tax file number is missing, your fund may be deducting tax at a higher rate, meaning less investment earnings for you. Providing your TFN to your super fund won’t take more than a few minutes, but can make a significant difference to your final pay out.
- Check your Employer Contributions
Employers are obligated to pay super to employees at least once a quarter. Check that your employer is paying you the contributions you’re entitled to and that they’re being paid at regular intervals.
- Check your Investment Options
If you never selected an investment option choice, your super fund will have invested your balance in the default option. If this is the case for you, speak to your Axios financial planner, who can run you through your different investment options and identify which is best for you in terms of risk, expected returns and fees.
- Check your Fees
All super funds charge a fee to manage the administration of your account. Paying too much can quickly erode your balance and the profit you are making on your investment. Becoming aware of what you are paying in fees is important in order to make sure that you are getting enough investment earnings to justify the fees you are paying.
- Check your Insurance Premiums
Super funds will provide certain types of personal insurance to their members by default and you will be paying the premium for this insurance cover from you super balance. Speak to your Axios financial planner about the best ways for you to set up your personal insurance before opting out of paying your insurance through your super.
We’ve all seen those famous elevator ads on TV showing the difference small tweaks can make to the final payout you’ll receive from your super fund. Like any nest egg, your super fund balance is one worth watching closely, to ensure that you are maximising your super investment. If you need help reviewing your super, or would like tailored expert advice, don’t hesitate to get in contact with Axios Financial Solutions and make a time to discuss your super with one of our financial planners today.
Axios Financial Solutions are a team of respected and highly regarded financial planners with offices on St Kilda Rd Melbourne. Axios helps their clients meet their desired outcomes by providing tailored financial services, strategies, advice and solutions. You can contact them at firstname.lastname@example.org or (03) 9869 5555.
Axios Financial Solutions Pty Ltd (ACN 007 299 014), is an Authorised Representative of Charter Financial Planning Ltd, Australian Financial Services Licensee 234665
Please note that the information in this article is of a general nature only and has not taken into consideration your individual circumstances. Should you wish to discuss your personal circumstances please call us on 03 9869 5555 or email email@example.com.
Level 3 The Metropolis
480 St Kilda Road
Melbourne Vic 3004