• Cashflow Analysis
  • Insurance Planning
  • Debt Reduction Strategies
  • Tax Minimisation Strategies
  • Super Review
  • Investment Planning
  • Retirement Planning
  • Centrelink Maximisation
  • Aged Care Advice / Retirement Village
  • Estate Planning
  • SMSF

AHS

Helping you make smart long-term financial decisions

(03) 9480 1144

  • Home
  • Services We Provide
    • Tax Minimisation Strategies
    • Super Review
    • Investment Planning
    • Retirement Planning
    • Centrelink Maximisation
    • Aged Care Advice / Retirement Village
    • Estate Planning
    • Cash Flow Analysis
    • Insurance
    • Debt Reduction Strategies
  • Our Process
    • Client engagement process
    • Initial meeting process
    • Life is Complicated!
  • Our Team
  • Testimonials
  • Contact Us

Important things to look for in your Super Statement

09/08/2013 By Heidi Schwegler Leave a Comment

Over the past several years I have heard many people say they receive their super statement but do not read it, do not understand it or both! By now you should have received your latest super statement and I have noted some key points below of areas you should look for on your statement to make it easier to understand:

 

 

1. What contributions have been paid into the account?

Unfortunately, most people assume that if a super contribution amount appears on their pay-slip that amount has been paid into their super fund. This is not always the case. By law, your employer must pay contributions at least quarterly. Check your statement to make sure these are being paid regularly. Remember, this is your money! If you notice that contributions haven’t been paid regularly, there are steps you can take. Please call if you would like to discuss.

 

2. Your portfolio option:

If, like most people, you have not actively selected an investment option, chances are you are invested in the default “Balanced” option or something similar. This may or may not be appropriate for you as you may be a more conservative or assertive investor. You have control over how your super is invested, so if you are unsure whether you are invested in the appropriate option, speak to us to help determine your preferred investment allocation.

 

3. How much insurance you have:

There is always a section on your super statement that shows how much insurance you have. Typically there will be life (or death) cover, total and permanent disablement (TPD) cover and income protection cover. Depending on your stage in life, this cover may be more than enough or it may not be enough. To determine whether you have adequate cover, please give us a call.

 

4. Nominated Beneficiary:

If you were to die, your nominated beneficiary will receive your super balance plus any life insurance linked to your super fund. This could be hundreds of thousands of dollars. Choose your beneficiary carefully to minimise people fighting over your benefit when you are gone. There are different types of nominations and there are certain people that can and can’t be nominated. If you would like to know more, please contact me for more information.

 

5. How many super statements have you received?

If you have more than one super fund, you could be paying excessive and unnecessary fees. If you want to consolidate your super funds but don’t know where to start (having read the points above) speak to us for advice.

 

The points above are designed to help you better understand your super statement because now that the super guarantee has increased to 9.25% of your income, there is more money going into super. Remember, it is your money and it may be a substantial nest egg in the future so it’s important to pay more attention to super!

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

Filed Under: Super Review

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Looking for something specific?

Categories

  • Cashflow Analysis (1)
  • Estate Planning (1)
  • General Planning Tips (13)
  • Investment Planning (1)
  • Retirement Planning (6)
  • Super Review (7)
  • Tax Minimisation Strategies (1)
  • Upcoming Events (1)

Recent Posts

  • Living with the Bear
  • Why is it so hard to be financially independent?
  • Are you over 65 and planning on downsizing your home?
  • Do you have a spouse that earns less than $40,000 per annum and want to reduce your tax?
  • Should you be splitting your super contributions to your spouse?

All of the material published on this website is for information purposes only and does not constitute advice. This information is of a general nature only and has been provided without taking into account your objectives, financial situation or needs. Because of this, we recommend you consider, with or without the assistance of a financial adviser, whether the information is appropriate in light of your particular needs and circumstances.

Andrew Hollow, Heidi Schwegler and TFG Financial Pty Ltd trading as AHS Financial are Authorised Representatives of Count Financial Limited ABN 19 001 974 625, AFSL 227232