Has your Super statement landed in your inbox yet? What should you look for? Here is a handy checklist for you to use when you look at your statement:
1. Check your personal details (your information on file)
- Contact details so you don’t miss any communications
- If you have insurance inside super (and if listed) check occupation, salary, smoker status
- Have your TFN been supplied?
- Do you have any beneficiaries listed?
2. Check your transaction summary (your debits and credits)
- Are there any transactions you don’t understand?
- Check contributions, fee rebates, investment distributions etc
- How much is the insurance cover costing you?
- This is a good time to check that you an employer is contributing into super.
3. Check your investment summary (your investment risk profile, asset allocation, and performance)
Are you comfortable with your investment strategy? Is it still appropriate based on your goals and objectives?
4. Check your account balance (your opening and closing account balance)
- An intrinsic part of SMART goal-setting is knowing how you’re tracking (measurability). Just as you may know your bank account balance, also take an interest in your super account balance.
- In a similar vein, whilst it’s important not to compare yourself to others (as you are unique!), a little bit of perspective may serve to bolster your resolve further in achieving your financial goals and objectives.
5. Check your beneficiaries (your estate planning for super)
- Is the beneficiary still who you want to receive your super benefit?
- Remember that super goes outside your will.
6. Check your insurances (your Plan B if the unexpected was to occur)
The path to achieving your financial goals and objectives may not always be smooth sailing, i.e. risk-free. As such, it’s important to consider having strategies in place to help manage whatever life may throw your way.
Establishing a comprehensive personal insurance plan, and reviewing it regularly so it remains appropriate to your financial situation, goals and objectives, is one such strategy.
- your salary, occupation, and smoker status,
- your types of cover and their insured amounts,
- your claim definitions and other policy features,
- your exclusions and/or loadings (if applicable).
A personal insurance review (of super and non-super insurance cover) may be an important consideration where a recent change has occurred, such as a marriage/divorce, birth of a child, salary increase, or taking out/increasing a mortgage.
Your annual super statement is a good prompt and opportunity to review your super. As such, before you file your annual super statement away this year, take some time to review the details contained within this important document. We have put together the checklist above to help in this regard.
If you need help or if you feel like you need a path forward to meet your goals regards to retirement or the insurance cover, our team of Financial Advisers is here to help.
* This article has been sourced from IRESS Ltd., Financial Knowledge Centre.
This information has been provided without taking into account any of your objectives, financial situation or needs. You should consider whether it is suitable for your circumstances before acquiring this product.
All loans are provided by Beyond Bank Australia Ltd ABN 15 087 651 143 AFSL/Australian Credit Licence 237856. © 2021.