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Your annual statement isn't just a snapshot of your super over the past year—it's a chance to pause, take stock and make sure you're still on track for your retirement.
While it can be tempting to file it away for later, spending a few minutes reviewing your statement now could help you feel more informed and confident about your future.
Here are five key things worth checking:
1. Check your balance and contributions
Your annual statement shows your account balance and the contributions that have been paid into your account throughout the year.
Take a moment to check that employer and any personal contributions appear as expected. While your annual statement is a snapshot in time, keeping an eye on your contributions can help you understand how you're progressing towards your retirement goals.
2. Review your investment option
Your super is invested to help grow your savings over the long term, but the investment option that's right for you can change over time.
Your statement will show where your super is currently invested. Consider whether that option still aligns with your goals, investment timeframe and comfort with market ups and downs.
If you're unsure whether your current investment option is right for you, consider speaking with your financial adviser or exploring the guidance and support available through your fund, such as a financial coach.
3. Make sure your insurance still meets your needs
Many super accounts include insurance cover, such as Life, Total and Permanent Disablement (TPD) or Income Protection insurance. Your annual statement can help you understand the cover you currently have and what it may provide if the unexpected happens.
Insurance can play an important role in helping protect you and your loved ones financially. But as your circumstances change, it's worth checking whether your cover still aligns with your needs.
A new job, growing family, paying off a mortgage, or moving closer to retirement can all be good reasons to review your cover, the level of protection you have, and the cost of maintaining it.
4. Check your beneficiaries
Do you have a binding beneficiary nomination in place?
A binding beneficiary nomination tells your fund who you want your super benefit paid to if you pass away.
Life can change quickly, so it's important to review your nomination regularly and make sure it reflects your current circumstances and choice.
Events such as getting married, separating, having children or changes within your family may be reasons to review your nomination.
5. Think about your retirement goals
Retirement isn't a one-size-fits-all destination. An annual statement can be a good reminder to check in on your longer-term plans.
The lifestyle you imagine for yourself today may be different from what you pictured five or ten years ago. That's why it's important to check in on your goals from time to time.
Ask yourself:
- Has my ideal retirement changed?
- Am I saving enough for the lifestyle I want?
- Have there been changes in my circumstances that could affect my plans?
Even small steps today can help you feel more confident about your future.
Need help making sense of it all?
If you're unsure about any aspect of your super, you don't have to work it out alone. Speak to your financial adviser or, if you don't have one, book a call with one of our financial coaches.
They can help you better understand your super and the choices available to you, giving you greater confidence about your retirement future.
Important information This document has been prepared by IOOF Investment Management Limited (IIML) ABN 53 006 695 021, AFSL 230524 as Trustee of the IOOF Portfolio Service Superannuation Fund ABN 70 815 369 818 (Fund). IOOF Employer Super is a Division of the Fund. IIML is part of the Insignia Financial group of companies comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (Insignia Financial Group). The information and commentary provided in this communication is of a general nature only and does not relate to any specific fund or product issued by an Insignia Financial Group entity. This is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or seek advice from a financial adviser and seek tax advice from a registered tax agent. You should read the relevant Product Disclosure Statement (PDS) and the Target Market Determination (TMD) and consider whether the product is right for you before making a decision to acquire or to continue to hold the product. A copy of the relevant PDS and TMD is available on the website at www.ioof.com.au or by calling us on 1800 913 118. Information is current at the date of issue and may change. Past performance is not a reliable indicator of indicator of future performance. The value of an investment may rise or fall with the changes in the market. An investment is subject to investment risk, including possible delays in repayment and loss of income and principal invested. Actual returns may vary from any target return described and there is a risk that the investment may achieve lower than expected returns. Any opinions expressed constitute our judgement at the time of issue and are subject to change without notice. We believe that the information contained in this communication is correct and that any estimates, opinions, conclusions or recommendations are reasonably held or made at the time of compilation. However, no warranty is made as to their accuracy or reliability or in respect of other information contained in this communication. Any projection or forward-looking statement (Projection) in this communication is provided for information purposes only. No representation is made as to the accuracy or reasonableness of any such Projection or that it will be met. Actual events may vary materially. This communication is directed to and prepared for Australian residents only.