Last financial year's superannuation statements are hitting your mailboxes over the past week.
You must check that your details are correct. The following is the type of information you should be checking:
- What is your balance.
- Is the balance trending upwards over time - remember the Centrelink aged pension will probably not provide enough for the niceties in life. Chances are you will be relying on your superannuation for a better quality of life in your retirement.
- Are all this year's superannuation payments showing on your statement?
Only recently we had a client whose superannuation guarantee payments from his employer were going into a different fund to the one he thought. And in rare cases, unscrupulous employers have been known not to make their payments at all even though they have a legal requirement to do so. - Do you have insurance within your superannuation (life, income protection or total permenant disability)? Is it still sufficient for your needs? Remember that insurance premiums within your super fund are paid from your superannuation returns rather than billed to your directly. This makes them a convenient form of extra financial security, but one that is easy to overlook.
Understanding Your Superannuation Statements
It is essential to understand your superannuation and superannuation statements at every stage of life, not just during retirement.
If you have multiple small superannuation balances, it is a good idea to consolidate them. Before you do so, check you are not going to lose essential insurance cover.
Lastly, check that you have received all your statements, as it is easy to overlook small balance accounts.
If you move addresses and a couple of your superannuation statements are returned to the superannuation company, you might not notice. A small balance lost super can end up in lost super.
If you need more in depth help understanding your superannuation statement, determining the right insurances, finding and consolidating superannuation please contact our friendly staff at Approved Financial Planners in Perth and we will help you get your superannuation in order.
