Never Reviewed Your Super? Here Are a Few Steps to Get You Started
Superannuation is one of the most important financial assets for retirement planning, yet many Australians rarely review or optimise their super fund. Regularly checking your super balance, fees, investment strategy, and contributions can make a significant difference in the amount you have when you retire.
If you’ve never reviewed your super, this guide outlines key steps to get started, ensuring your retirement savings are working for you.
Why Reviewing Your Super is Important
- Maximises Retirement Savings – Ensures your super fund is growing efficiently.
- Reduces Unnecessary Fees – Helps identify high fees that erode your savings.
- Aligns Investment Strategy with Retirement Goals – Adjusts your risk profile as you age.
- Identifies Lost or Unclaimed Super – Consolidates multiple super accounts to avoid duplication of fees.
- Optimises Contributions – Ensures you’re making the most of tax benefits and employer contributions.
Superannuation is a long-term investment, and small changes now can significantly improve your retirement balance.
Step 1: Check Your Super Balance & Contributions
Start by logging into your super fund’s online portal or accessing your super details via MyGov.
✔ Review Your Current Balance – Check if your savings are on track for your retirement goals.
✔ Track Employer Contributions – Ensure your employer is making the correct Super Guarantee (SG) payments.
✔ Check for Any Lost Super Accounts – Use the ATO’s MyGov portal to find and consolidate any forgotten super funds.
📌 Tip: The Super Guarantee rate increased to 11% in 2023 and will rise to 12% by 2025. Ensure you’re receiving the correct contributions from your employer.
Step 2: Compare Super Fund Fees & Performance
Super funds charge different fees, which can significantly impact your retirement savings over time.
What to Check:
✔ Annual Admin & Investment Fees – Compare fees with other super funds to ensure they’re reasonable.
✔ Investment Performance Over 5-10 Years – A good super fund should deliver consistent long-term returns.
✔ Exit & Switching Fees – Some funds charge fees for transferring out.
Example:
- A 1.5% fee vs. a 0.5% fee on a $100,000 balance can cost you $35,000+ in lost savings over 30 years.
- If your super fund underperforms for years, you could retire with significantly less money.
📌 Tip: Use the APRA Super Fund Heatmap or Chant West rankings to compare fees and long-term returns.
Step 3: Review & Adjust Your Investment Strategy
Superannuation is invested in financial markets, and your investment choice impacts your retirement outcome.
✔ High Growth (Aggressive) – Higher returns over time but more risk and volatility. Suitable for younger investors with long-term horizons.
✔ Balanced – A mix of growth and defensive assets for moderate risk and return.
✔ Conservative – Lower risk, but slower growth, ideal for those nearing retirement.
Why This Matters:
- A 25-year-old investing aggressively may retire with double the balance compared to a conservative investor.
- A 60-year-old nearing retirement should shift to lower-risk investments to protect savings.
📌 Tip: Super funds automatically allocate an investment option, but you can change this based on your risk preference.
Step 4: Consolidate Multiple Super Accounts
If you have more than one super account, you may be paying duplicate fees, reducing your savings.
✔ Check for Lost Super via MyGov – The ATO tracks unclaimed super balances.
✔ Consolidate Super Accounts – Rolling multiple accounts into one reduces fees and simplifies management.
✔ Check for Insurance Before Switching – Some funds offer default life insurance, which you may lose when consolidating.
📌 Tip: Only consolidate after comparing fees, investment performance, and insurance coverage between funds.
Step 5: Maximise Super Contributions & Tax Benefits
Making extra contributions can boost your retirement savings while reducing taxable income.
✔ Salary Sacrifice (Pre-Tax Contributions) – Contributions made from pre-tax income reduce taxable income and grow super faster.
✔ Government Co-Contributions – If earning under $58,445 per year, the government matches up to $500 of extra super contributions.
✔ Spouse Contributions – If your partner earns under $37,000, you may receive a tax offset of up to $540 for contributing to their super.
📌 Tip: Even small additional contributions now can significantly increase your super balance by retirement.
Step 6: Review Your Insurance Inside Super
Many super funds include default life insurance, TPD, and income protection cover.
✔ Check if Your Cover is Sufficient – Does it meet your family’s financial needs?
✔ Compare Costs – Super insurance is cheaper than retail insurance, but coverage can be limited.
✔ Ensure Cover is Active – If no contributions are made for 16 months, insurance may be automatically cancelled.
📌 Takeaway: Insurance inside super is convenient and tax-effective, but should be reviewed to ensure it aligns with your needs.
Step 7: Set a Regular Super Review Schedule
Super should be reviewed at least once a year to keep it on track.
📌 Review Your Super When:
- Changing jobs – Ensure your employer is paying the correct Super Guarantee contributions.
- After major life events – Marriage, children, or buying a home may require adjusting contributions or insurance.
- Approaching retirement – Investment strategy should shift towards capital protection.
📌 Tip: Automate your annual super review by setting a calendar reminder or working with a financial adviser.
Final Thoughts
If you’ve never reviewed your super, taking these simple steps can ensure your retirement savings are growing effectively. Consolidating accounts, reducing fees, adjusting your investment strategy, and making additional contributions can significantly improve your retirement lifestyle.
Need Help Optimising Your Super? Speak with ActOn Wealth to ensure your super strategy aligns with your long-term financial goals.
