Keeping track of your superannuation is vital not only for your future retirement but also to help in managing what you’ve got for contributions, insurance within your super, investments, and any paperwork involved. Find out more info and tips to get to know your super.
Find your lost superannuation
When you lose track of your super, it loses track of you. This could happen when you change jobs and don’t roll over what you’ve previously accumulated. If you wish to maintain your existing super fund, ask your employer to fill out necessary forms.
Another reason your superannuation gets lost is when you forget to update your details with your super fund when you move residence. Lost super is so common in Australia, and all that money is waiting to be claimed.
Find your lost or unclaimed super by searching it with your super fund or by logging into your MyGov ATO account.
Check the insurance cover within your super
A super account usually includes a range of personal insurance options, which are generally offered by super funds and paid for from your account balance. The types of insurance cover are life insurance, income protection, and total and permanent disability.
Super funds purchase insurance policies in bulk. So, these insurances are often cheaper than those bought separately and are usually available without health checks.
Make sure to review the insurance options available by logging in to your account or contacting your super fund. The insurance cover may double up anything you already have outside of your super fund. You may be allowed to adjust or cancel your cover accordingly.
Review your investment options
Most super funds let you decide where and how to invest your super. The investment options may vary depending on the level of risk you’re willing to take.
The common practice when you’re younger is to take on higher risk investments with potentially higher returns. Then, you may change to more stable investment options with lower returns as you’re closer to retirement.
It’s worth reviewing your investment options regularly as it may change depending on the economy, your circumstances, and other important factors. Contact your super funds directly or go online for the self-service options to change investments. Stay on top of your superannuation to have a better chance of building money for your future retirement.
If you liked our “More Tips To Get To Know Your Superannuation” and find it informative, check ASAG’s blog space for more updates on equity releases and reverse mortgages.