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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!

Information on this site is all general advice. We shouldn't have to say this, but it's a legal obligation to tell you that this site hasn't read your mind, hasn't understood your goals or objectives, and doesn't know anything about you. As such, if you take this as personal financial advice, this is the least of your concerns. Hopefully Recommendation 2 of the Quality of Advice Review ends up enabling the removal of this warning. Until it does, your General Advice Warning goes here. Updating it is simple, you can just go to your site settings, and it automatically propagates to any blog posts as well as anywhere else the warning might appear.

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