When Was The Last Time You Reviewed Your Super?

Or perhaps the better question is – have you EVER actually reviewed your super to see if it’s going to provide enough for you to retire on?

Superannuation, or ‘super’, is a retirement savings plan designed to provide income in retirement, and it plays a pivotal role in ensuring a comfortable post-work life for most people.

It’s compulsory for employers to contribute to their employees’ superannuation funds in Australia, another reason it’s a cornerstone of retirement planning for many individuals.

However, many people overlook the importance of regularly reviewing and optimizing their superannuation accounts. This is where a qualified financial adviser can make a significant difference.

Why Review Your Super?

Regularly reviewing your superannuation is crucial for several reasons:

1. Watch Those Fees & Charges: Super funds often come with various fees and charges, including administration fees, investment management fees, and insurance premiums. These can eat into your overall balance and slow down growth. Reviewing these fees can help you identify any excessive charges and explore options for minimising costs.
2. Performance Evaluation: The performance of your fund can significantly impact your retirement savings. By reviewing its performance, you can identify areas where your investments may be underperforming and make necessary adjustments.
3. Asset Allocation: The asset allocation of your superannuation portfolio should align with your risk tolerance and retirement goals. A review can ensure that your investments are right for you, appropriately diversified and optimized for long-term growth.
4. Insurance Coverage: Many superannuation funds offer insurance options such as life insurance, total and permanent disability (TPD) insurance, and income protection insurance. Reviewing your coverage ensures that you have adequate protection in place to safeguard your financial future in the event of unforeseen circumstances.

How A Financial Adviser Can Help

As well as doing all of the above, a qualified financial adviser comes with many added benefits that you may not get if you embark on the process on your own:

1. Expertise and Knowledge: Financial advisers have in-depth knowledge of superannuation regulations, investment strategies, and retirement planning. They can provide valuable insights and guidance tailored to your individual financial situation and goals.
2. Advice To Suit Only You: A financial adviser will assess your exact current financial position, retirement goals, risk tolerance, and investment preferences to develop a fully personalised superannuation strategy. This ensures that your retirement plan aligns with your own unique needs and aspirations.
3. Investment Management: Financial advisers can help you select appropriate investment options within your superannuation fund based on your risk profile and investment objectives. They can also monitor your investments regularly and make adjustments as needed to optimise performance.
4. Fee Analysis & Minimisation: Those fees we mentioned earlier? Financial advisers can review the fees and charges associated with your superannuation fund and recommend cost-effective alternatives where applicable. This can help reduce unnecessary expenses and enhance the overall value of your retirement savings in the long run.

How Do I Start?

Regularly reviewing your superannuation is essential for maximising your retirement savings and achieving your long-term financial goals. By engaging with a knowledgeable and experienced financial adviser, you can ensure that your superannuation strategy is actually right for your future.

The above post was written for you by the Advice team at our sister company, Your Future Strategy. To book in for a complementary discovery session with them, use this link and select a time that suits.