8 Checks to Keep Your Super on Track
Give Your Superannuation the Best Chance of Meeting Your Retirement Goals
Your superannuation could become one of your most valuable financial assets. Yet it is easy to set up a super account, choose an investment option and then leave it alone for years. That can be a costly mistake. This super check in 8 steps can make a substantial difference to how your superannuation works for you.
Your circumstances change. Your income changes. Your retirement plans change. Investment markets move. Superannuation rules also change over time. A regular superannuation review can help make sure your super remains aligned with your longer-term financial objectives. Think of it as a financial health check. Here are the key areas to review.
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Check that you have oversight of all your super
Do you have more than one superannuation account?
Changing employers over your working life can result in several super accounts being left behind. Each account may charge administration fees. You could also be paying for duplicate insurance cover.
The Australian Taxation Office (ATO) provides online services to help you locate lost or forgotten super.
Once you know where all your super is held, consider whether consolidating your accounts makes sense.
However, do not consolidate super without first checking your insurance cover. Closing an account could mean losing valuable insurance that may be difficult or expensive to replace.
Consolidation can make your super easier to manage and may reduce duplicated costs. But the right approach depends on your circumstances. Previous strategies to hold more than one super account may be valid – but worth checking.
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Check the money going into your super
Your super statement provides a useful snapshot of the money entering and leaving your account.
Start by checking your contributions.
If you are an employee, check that your employer is paying the required Superannuation Guarantee contributions and that the amounts shown on your payslip are reaching your super fund. Watch for timing differences between your pay periods and the employer’s obligations to lodge the amounts disclosed on your payslips.
You may also be making personal contributions, receiving government contributions or transferring money from another super account.
If the amounts do not look right, investigate promptly. Small discrepancies can become more significant over many years.
Consider whether additional contributions could help you build your retirement savings.
Salary sacrifice and other personal contributions may provide tax advantages, depending on your circumstances. However, contribution limits and other superannuation rules apply.
Before making additional contributions, obtain professional advice to make sure the strategy is appropriate for you and is applied in the most beneficial way.
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Check where your super is invested
This is one of the most important parts of a superannuation review.
Do you know how your super is invested?
Your super fund will generally offer a range of investment options. These can include cash, fixed interest, property and shares, together with diversified investment options combining several asset classes and derivates of them.
Remaining in a default investment option for many years does not necessarily mean that it remains suitable for you. For example, someone with several decades until retirement may have a different investment approach from someone who expects to retire within a few years.
Investment markets will rise and fall. A higher-growth investment approach can experience greater short-term fluctuations, while a more defensive approach may provide less exposure to growth assets.
The important question is not simply “Which investment performed best last year?”
Instead, ask whether your investment strategy remains appropriate for your longer-term objectives. Your super portfolio investment combination should reflect your circumstances, investment timeframe, financial objectives and tolerance for investment risk – all matters that we take into account during a superannuation portfolio review with clients.
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Check the fees and costs
Fees can have a significant impact on the amount that ultimately remains in your super. Look at the fees and costs shown on your statement or in your fund’s other information. These costs may include administration fees, investment management costs and insurance premiums.
A fund with higher fees is not necessarily a poor choice. The important consideration is whether the costs are reasonable for the services, investment options and benefits (including investment yields and their tax consequences) you receive.
When reviewing super funds, consider the overall value rather than simply choosing the fund with the lowest headline fee.
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Check your insurance inside super
Many super funds provide insurance, which can include life insurance, total and permanent disability cover and income protection.
Insurance through super can be valuable, but your needs can change as your circumstances change.
Ask yourself:
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- Is the amount of cover still adequate?
- Do you still need the cover?
- Have your debts, income or family circumstances changed?
- Are you paying for cover that may no longer be appropriate?
- Would replacing or cancelling existing cover create risks?
Do not cancel insurance simply because you think you no longer need it. Replacing cover later may be difficult, particularly if your health or circumstances have changed.
Insurance should be considered alongside any cover you hold outside super. A regular review of your personal insurances will consider the insurances you carry both within – and outside – superannuation.
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Check who will receive your super
Your superannuation does not automatically form part of your estate simply because you have a Will.
Your super fund trustee needs appropriate instructions about who should receive your superannuation death benefit. Failure to provide these instructions will result in confusion for your estate executor(s) and leave the decision to the discretion of the super fund trustee(s).
Review your beneficiary nomination regularly to consider whether it still reflects your wishes. Marriage, divorce, relationship changes, births, deaths and other family circumstances can all affect your intended beneficiaries.
Some binding beneficiary nominations also have specific validity requirements – and approved periods of validity. Check your fund’s rules and make sure your nomination remains current.
Your Will and superannuation beneficiary arrangements should work together as part of your overall estate planning.
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Check your personal details
It sounds simple, but keeping your super fund’s records up to date is important.
Check your:
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- name and addresses (street, PO Box, and email)
- contact details
- tax file number
- employment details, where relevant
- beneficiary information.
Providing your tax file number can help ensure your super is taxed correctly.
Keeping your contact details current also helps your fund communicate with you and reduces the risk of your super becoming difficult to locate.
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Check whether your super is still on track
Finally, step back and consider the bigger picture.
Is your current super balance and contribution strategy likely to provide the retirement lifestyle you want?
Your answer will depend on factors such as your age, income, super balance, contributions, investment strategy, retirement plans and other assets.
You do not need to know exactly what your super balance will be on the day you retire. But you should have an idea of whether you are heading in the right direction.
If you discover a shortfall, identifying it early gives you more options.
You may be able to increase contributions, review your investment strategy, adjust your retirement timeframe or consider other sources of retirement income.
Make your super work for your future
Superannuation is a long-term investment. Leaving it unattended for years can mean missing opportunities to identify problems or make appropriate changes.
A regular superannuation health check can help you stay informed and keep your retirement savings aligned with your changing circumstances. The earlier you identify an issue, the more time you may have to do something about it.
Our professional financial advice can help you understand your superannuation, insurance and other investment/ wealth management options and decide appropriate strategies to enhance your outcomes. Your super review with one of our experienced financial advisers will cover all the key points above, including –
- Where is my super (how many accounts do I have)?
- How much is going in?
- How much is coming out?
- How is it invested?
- What am I paying in fees?
- What insurance do I have?
- Who will receive my super (how are my beneficiaries nominated)? and
- Is my super still on track for the retirement I want?
To arrange a meeting with one of our team –
- Phone our office on 07-34213456; or
- At your convenience, use the linked Book A Meeting facility.
(This article was first published by us in October 2026.)