Stay in control of your financial future by reviewing your superannuation regularly
When was the last time you checked your superannuation account?
If you’re unsure where your last super statement is, or can’t remember your login details, you’re not alone. In fact, research commissioned by the Australian Retirement Trust reveals that four in five Australians don’t know how much they’re contributing to their retirement savings.
Yet, financial experts agree—regularly checking your super can help you stay on track for a secure retirement and avoid unpleasant surprises.
1. Review your super annually—like a car service
According to finance and economics consultant Pauline Taylor, your annual super statement—typically received at the end of each financial year—is a key document that shouldn’t be ignored.
It outlines:
- Employer contributions under the Superannuation Guarantee
- Any voluntary contributions you’ve made
- Investment performance and returns
Taylor recommends reviewing whether your super is growing, how it’s performing, and what investment option you’re in. If it’s not aligned with your goals or risk appetite, it might be time to make changes.
2. Understand your fees and investment strategy
Kate McCallum, financial adviser and author, compares super to a car: “It needs a regular service.” She highlights the importance of understanding:
- What fees you’re paying (especially investment management fees)
- Whether your fund has moved you to a different investment mix as you’ve aged
“Many default super funds automatically switch your investment option once you reach a certain age bracket,” McCallum says. “For example, moving from a ‘growth’ to a ‘balanced’ portfolio—which may not align with your preferences.”
McCallum adds that investment management fees are usually deducted from your returns without being clearly itemised. “If you’re paying more than 1% in fees, it’s worth reviewing your options.”
3. Use digital tools to stay on top
Anne Fuchs from the Australian Retirement Trust suggests downloading your super fund’s mobile app—just like your banking app. It helps make regular check-ins more convenient.
With the Superannuation Guarantee rate increasing from 11.5% to 12% from July 1, now is an excellent time to verify that:
- Your employer is contributing the correct amount
- Contributions are being made at least quarterly
- Your personal details are up to date
You can also check your balance through the myGov portal or by contacting your super fund directly.
4. You may uncover lost or unclaimed super
Billions of dollars in unclaimed super remain across Australia. You might have multiple accounts due to:
- Changing jobs
- Changing your name or address
- Not consolidating older super accounts
When you perform a super search through myGov, you may find lost or inactive accounts you didn’t know existed—and can easily consolidate them into your primary fund.
5. Update your beneficiary nomination
One commonly overlooked detail is your death beneficiary nomination. This nomination determines who receives your super if you pass away and is not covered by your will.
Binding nominations typically expire every three years. During a recent check, one user discovered their nomination had lapsed and needed to submit a form by post—underscoring the importance of staying proactive.
6. Are you on track for a comfortable retirement?
According to ASFA’s Super Balance Detective tool, here’s what you should have saved at each age milestone for a comfortable retirement:
| Age | Suggested Super Balance |
| 23 | $11,000 |
| 30 | $66,500 |
| 40 | $168,000 |
| 50 | $296,000 |
| 60 | $469,000 |
| 65 | $571,000 |
If your balance is falling behind, consider seeking financial advice or increasing your voluntary contributions if possible.
Final Thoughts
Checking your super isn’t just an end-of-financial-year task—it’s a vital part of managing your financial wellbeing. By staying informed, reviewing your fund’s performance and fees, and keeping your account details up to date, you’ll be in a stronger position to enjoy the retirement you deserve.
At Hippo Insurance, we’re committed to helping Australians take control of their financial future. Need help reviewing your insurance cover inside super? Contact our expert team today.
This article contains general information only. You should seek independent financial advice tailored to your personal situation.
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Author Profile: Jeffrey Liu, JP, is the founder and principal adviser of Hippo Insurance (aka: Hippo Wealth), with a deep expertise in wealth protection. His extensive experience includes roles in the wealth management divisions of Westpac, ANZ, and a local multi-family office. As the host of “Riches Talk,” a podcast dedicated to cultivating personal and business growth, Jeffrey has established himself as a thought leader in developing life riches. His insights have been featured on SBS, The Australian, and Channel 7. Notably, he was a semi-finalist on Australia’s Got Talent in 2010. Learn more at http://www.hippoinsurance.com.au
