According to the Australian Taxation Office, in an audit conducted of all Super funds in June 2016, over 14.8 million Australians have a super fund account, and of these people, 43% of them have more than one account. But, just because Australians are investing in Super, that doesn’t mean we’re doing it as effectively as we could be. Is your Super working for you? Review our 6-step superannuation check-list and make sure you’re on the path to retirement planning success.

1. Plan your retirement. What type of lifestyle do you plan on living when you retire? What assets do you have to sell, and what ones do you plan to keep? How much income will you need to support the lifestyle that you intend to live once you’re retired? All of these questions are essential to understanding what you’ll need to plan for a stable retirement. Once you have a basic understanding of your goals, make sure you’re Super is fulfilling your retirement needs. If it isn’t, consider putting more money away, or investing in a different Super fund with a higher return.

2. Check that your Super fund has your Tax-Free Number (TFN). If you joined a super fund before July 2006, or if you started your employment at your current job before that date, your employer may not have your TFN on file. If you’re not sure whether your Super fund has your TFN associated with it, make sure you check your Super statement. This could save you thousands of dollars!

3. Combine your Super accounts to alleviate fees. If you are one of the 43% of Australians with multiple Super funds, it’s important to review these funds and make sure you’re getting the best deal. If you’re paying monthly fees on more than one Super account, consider combining your accounts, or switching to an account without fees, to make sure you’re saving more of your money.

4. Identify a next of kin for your assets. It may be difficult to think about, but we may not all make it to the age when we get to spend the money we’ve accumulated in our Super. It’s important to have a plan in place in case this worst-case scenario occurs. Have you appointed someone to inherit your Super assets in the case of death? Is this information up to date? It’s imperative to review your Super and next of kin informational annually, for peace of mind.
5. If you’re over 65, check that you meet the work requirements before contributing. Did you know you can make voluntary superannuation contributions up to the age of 74? Just make sure, if you’re over the age of 65, you satisfy the work requirements before contributing. This includes a work test, which is required to be completed before you’re able to contribute. Also, if you’re aged 65 or over, you can make super continuations if you ‘re employed on a part-time basis. For more information regarding contributing to your Super if you’re over the age of 65, visit the Australian Taxation Office website:

6. If necessary, consider talking to an independent advisor. Your finances and your retirement plan are too important to be left to chance. Consider approaching a qualified financial advisor for a free assessment of your retirement assets, to make sure your Super is working for you.

For more information on how SRG Finance can assist you today, contact us.