Learn how often to check your super balance and why it’s important.
As a financial educator, I often get asked how frequently one should check their superannuation balance. It’s a valid question and an essential part of maintaining your financial health. Staying on top of your super can make a significant difference to your retirement outcome, and it’s crucial to understand why this is so important and what you should expect from your super fund.
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Frequency of Checking Your Super Balance
You don’t need to check your super balance daily, but regular monitoring is essential. Ideally, you should check your super balance at least once every quarter. This frequency allows you to stay informed about your account without becoming overly obsessive. Quarterly reviews align well with the release of your super fund’s statements, helping you to keep track of contributions, fees, and investment performance.
Why It’s Important to Stay on Top of Your Super
- Track Contributions: Ensure that your employer is making the correct contributions. Errors in super payments can occur, and without regular checks, these mistakes might go unnoticed for years, significantly impacting your retirement savings.
- Monitor Investment Performance: Super funds invest your money in various assets. By regularly reviewing your balance, you can gauge how well these investments are performing. If your fund consistently underperforms, you might want to consider switching to a different fund.
- Understand Fees: All super funds charge fees, which can eat into your retirement savings. Regularly checking your balance and statements helps you stay aware of these fees and assess whether they are reasonable compared to the returns you are getting.
- Identify Lost Super: Australians have billions of dollars in lost super. Regular checks ensure that all your super accounts are consolidated, and no funds are left unaccounted for.
- Adjust Your Contributions: Life circumstances change, and so do your financial goals. Regularly reviewing your super can help you decide if you need to make additional contributions to meet your retirement targets.
Standards Your Super Fund Should Meet
When it comes to interacting with your super fund, there are certain standards you should expect to ensure you’re getting the best service possible:
- Transparency and Communication: Your super fund should provide clear and concise communication. This includes regular statements, easy-to-understand performance reports, and updates on any changes to the fund.
- Accessibility: You should have easy access to your account details, either online or via a mobile app. This allows you to check your balance, track contributions, and monitor investment performance at your convenience.
- Customer Service: High-quality customer service is a must. Whether you prefer phone, email, or face-to-face interactions, your super fund should offer responsive and helpful support to address your queries and concerns.
- Educational Resources: Your super fund should provide resources to help you understand your super better. This can include online calculators, educational articles, webinars, and access to financial advisers.
- Performance and Fees: Your super fund should offer competitive investment performance and transparent, reasonable fees. Regular comparisons with other funds can help you determine if your current fund is meeting these standards.
- Innovation and Adaptability: The financial world is constantly evolving. Your super fund should embrace new technologies and investment strategies to offer you the best possible service and returns.
Keeping a close eye on your super balance is crucial for ensuring a comfortable retirement. By checking your balance regularly and understanding the standards your super fund should meet, you can make informed decisions about your financial future. Remember, your super is your money, and staying engaged with it will help you maximise your retirement savings and achieve your financial goals.
Now is also the perfect chance to ask How Does Your Super Fund Stack Up? And learn if you should get insurance through your superannuation fund here.
