5 Step Super Health Check
We provides five simple steps to conduct a health check on your superannuation, empowering you to take control of your super and ensure it aligns with your financial goals.
Ensuring the health of your superannuation is paramount for securing your financial future. Just like an annual physical examination, conducting a regular “Super Health Check” can help you optimise your retirement savings and protect your financial well-being.
By following these five simple steps, you can take control of your superannuation and ensure it aligns with your goals and circumstances.
1. Check that your Super is consolidated
Multiple accounts mean multiple fees, eating into your retirement savings. Use the ATO’s online services to track down lost super and consolidate your accounts easily.
Important Note – Make sure to check your insurance status before completing any consolidation!
2. Check how you are invested
Your super’s investment strategy should match your risk tolerance and retirement goals. Are you too conservative? Or too aggressive?
Review your investment options. Adjusting your investment mix can significantly impact your super’s growth over time.
3. Check what insurance you have
Most super funds offer life, total and permanent disability, and income protection insurance. Review your insurance needs to ensure you’re adequately covered without eroding your super balance unnecessarily.
4. Check to make sure you have a beneficiary nomination
Super isn’t automatically covered by your Will, so nominate your beneficiaries to ensure your super goes to your loved ones as intended.
5. Check your details to make sure they’re up to date
This will ensure you’re kept up to date with important information from your super fund.
Conclusion
Being proactive about monitoring and managing your superannuation is essential for securing your financial future. By taking the necessary steps to optimise your retirement savings, you can significantly enhance your financial security.
Don’t delay; start your Super Health Check today!
The information on the Website is of a general nature only and has been prepared without taking into account your, or any other investor's, particular financial needs, circumstances and objectives. The information on the Website should not be construed as financial, taxation or legal advice. Fenwicke Financial recommends that you seek personal financial advice that addresses your specific needs and situation before making investment decisions.
