Why regular super reviews could be the key to a better retirement.
Imagine this scenario: At 21 years old, your well-meaning but financially inexperienced uncle gifts you $1,000 and advises you to “let the bank’s interest turn it into a fortune.” You dutifully follow his advice, park the money in a standard savings account—and check back 30 years later. The balance? Just $6,023.*
What happened? The answer is simple: You didn’t give it the attention it needed.
This is the same classic oversight many Australians make with their superannuation. With more media and legislative attention on super than ever before, now is the perfect time to ask: Is your super still working for you, or is it time to invest in a super review?
What is a Super Review?
When it comes to managing your super fund, it’s essential to consider all the available options to ensure a secure retirement. A super review is a crucial step in this process, allowing individuals to assess their current superannuation situation and make informed decisions about their investments. Here in the city of Newcastle, Insight Wealth can help you access services and tools to help you manage your super and achieve your long-term financial goals.
How Long Has It Been Since You Reviewed Your Super Fund?
Whether you’re two years from retirement or twenty, your superannuation strategy should evolve with your life and career. Super is not a ‘set-and-forget’ asset—it deserves regular review.
Here are a few key areas to check:
1. Do You Know What Your Super Investment Options Are?
If you’ve never reviewed or changed your super’s investment option, you may still be in your employer’s default fund. While this might suit some, it won’t suit everyone, especially with the rise of digital financial services from companies like Google LLC.
Take Brian and Ingrid, for example:
Both work for the same company and their super is paid into the same default fund.
- Brian, 64, is nearing retirement. His fund’s conservative option (high in cash and fixed interest) suits him perfectly.*
- Ingrid, 29, has decades until retirement. That same low-growth fund may not be ideal for her long-term goals. She could likely benefit from a higher-growth option that rides out short-term volatility for better long-term returns.
2. Are You Making Personal Contributions?
Adding to your super through salary sacrifice or non-concessional contributions is a great way to grow your balance—and can come with additional tax advantages or even government co-contributions.
But be cautious:
- Are you contributing regularly?
- Are you staying within your annual limits to avoid penalties?
Managing your contributions and withdrawals effectively can maximize your superannuation benefits.
This is a powerful strategy, but it pays to know the rules.
3. Have You Nominated a Beneficiary?
If something happens to you, who receives your super?
Many superannuation fund members don’t realise that binding death benefit nominations often expire after three years. If yours is out of date—or missing altogether—your money may not go where you intend.
Review your nomination regularly, and update it whenever your personal circumstances change.
4. Does Your Super Include Insurance Cover?
Most super funds offer default insurance for death and disability. But:
- Is the level of cover enough for your current needs?
- Do you also have insurance outside super that you no longer need?
It may be time to reassess your cover—but always seek personal advice before cancelling any policy.
Benefits of a Super Review
A super review can have many benefits for individuals. By reviewing your super fund, you can identify areas for improvement, optimise your investment options and make adjustments to ensure you are on track to meet your retirement goals. A super review can also help individuals understand the fees and charges associated with your super fund, so you can make more informed decisions about your investments. A super review can also give you a clear understanding of your current financial situation, so you can make strategic decisions about your future. In Newcastle, Insight Wealth are here to give professional advice from financial experts to guide you through the super review process and to help you create a personal plan for your financial future.
Why Reviewing Your Super Matters for Retirement
Your life changes—and so do superannuation rules. Reviewing your superannuation history regularly is important to keep track of these changes. What made sense a few years ago may not be working for you now. A regular super check-in can ensure your money is aligned with your goals, risk tolerance and retirement plans.
Super is one of your biggest long-term investments. Don’t leave it untouched and hope for the best.
Investment Options
When it comes to investment options, there are many choices for individuals here in Newcastle. From high-growth investments to more conservative options, it’s important to consider your personal financial goals, risk tolerance and time horizon when choosing investments. Past performance is not a reliable indicator of future performance and remember ratings and awards are only one factor to consider when choosing an investment. Individuals can access many investment options, including those from local financial institutions and national super funds. By looking at the investment options available, you can make informed decisions about your super and work towards your long-term financial goals.
Fees and Charges
Fees and charges are an important consideration when it comes to superannuation and you should be aware of the costs associated with your super fund. From administration fees to investment fees, it’s important to understand how these charges can impact your retirement savings. You can get information about fees and charges from your super fund or seek advice from a financial expert. By understanding the fees and charges of your super, you can make informed decisions about your investments and maximise your retirement savings.
Get Professional Advice
Seeking professional advice is an important part of managing your super. By talking to a financial expert you can get a deeper understanding of your super fund, investment options and fees and charges. A financial advisor can help you create a personal plan for your financial future taking into account your individual circumstances, goals and risk tolerance. By getting professional advice you can make the most of your super, work towards a secure retirement and achieve your long-term financial goals.
Let’s Get Started
At Insight Wealth Planning we help our clients feel confident about their financial future. A super review is a simple step that can make a big difference—whether you’re just starting out or preparing to retire, a visit to a financial advisor can help.
Call us today to book your personal superannuation review and get on track for retirement.
Assumes $1,000 invested for 30 years at 6% interest per annum, no additional contributions, not including fees or charges.