Superannuation may be one of the biggest assets you will accumulate in your lifetime. But it can often be one of those things we don’t think about much. It’s something for “future us” not “current us”.

From 1 July 2023 the compulsory Superannuation Guarantee rate increased to 11%. Two more increases are scheduled to take it 12% by 1 July 2025. This means more money in your pocket come retirement, but do you know if you will have enough to fund a comfortable retirement?

Doing something simple, like giving your super an annual health check doesn’t cost anything, and it can have a big impact on your future balance and retirement. Here’s how to get started. 

What’s a super health check?

The easiest way to run a health check on your super is via the Australian Government’s MyGov portal or by contacting your super fund directly.

The MyGov super health check suggests five steps. 

1. Check your details: this includes your name, address, Tax File Number and bank account details.
2. Check your super balance and employer contributions: your employer is required to pay your super into your fund at least every three months.
3. Check for lost and unclaimed super: you may have lost track of some of your super if you’ve changed jobs, addresses or names.
4. Check if you have multiple super accounts and consider consolidating: if you’ve held more than one job, you could have multiple super accounts which means you could be paying multiple account fees or insurance premiums.
5. Check your nominated beneficiary: Who gets your super if you pass away is not covered by your will. The Fund requires a valid binding death benefit nomination (which usually last for three years until they expire).

Visit the ATO website for more information on the above steps or download the fact sheet here.

You can also log into your super account and review your balance, contributions, insurance and beneficiaries online. 

What actions can I take?

Even if your super is looking good after taking the above steps, there are further checks you can do to ensure your super is on track for a comfortable retirement nest egg.

Look at fund performance: Super funds can vary significantly in what they deliver to members in terms of investment growth, so it’s important to keep an eye on how well your fund is performing. But remember that super is a long-term investment, so paying attention to longer time frames, such as five or ten years, will give you a better idea of overall performance.

You can compare our long-term investment results online. 

Check your fees: Super funds charge a range of fees, such as admin fees, investment costs, fees for advice and many others. Fees can be based on a percentage rate, and may not look like much when you look at it, but over time they can cut a fair amount from your balance come retirement.

You can review our fees via the website and compare them to other similar funds.

Evaluate investment options: Super funds offer a range of investment options. You may be placed into a default, balanced option unless you opt into a different investment option.

You can review our different investment options here.

Review insurance coverage: Many funds offer a certain level of insurance by default when you open an account. The amount you’re covered for may increase with age or remain the same unless you opt to increase it. If you have coverage, consider if the amount is sufficient, as our needs and circumstances change over time.

Log into your account to check your insurance coverage with Equip.

Consider other opportunities for growing your super balance: If you’re in a position to do so, salary sacrificing or making additional after-tax contributions, even if only a small amount, could make a big difference to your overall super balance come retirement. You can use a Superannuation calculator through the Government’s Moneysmart site or our Retirement Calculator to work out how much super you might have at retirement, and how that balance might change if you made additional contributions.

A financial planner can also help you plan a better retirement and work towards your financial goals. The initial appointment is obligation free and available at no additional cost to Equip fund members.