When was the last time you took a good look at your super? If the answer is “I don’t remember” or “I’ve never really thought about it,” you’re not alone.
But your super isn’t just some distant pot of money that will sort itself out when you retire. It’s your future lifestyle on the line.
Think about it—would you ignore your savings account for years and just hope for the best? Probably not. So why do so many of us neglect our super?
The Problem: Super Neglect Can Cost You Big Time
A lot can go wrong if you don’t check in on your super regularly. You might have multiple accounts eating away at your balance with extra fees. Maybe your employer isn’t paying what they should be. Or worse—you could be stuck in a dud fund that’s barely growing your money.
And the earlier you catch these issues, the easier they are to fix. If you wait until retirement to realise your super’s not where it should be, it’s too late to do much about it.
Step One: Check Your Balance
Let’s start simple. How much super do you actually have? It’s easy to check—just log in to myGov and look under the ATO’s super section. While you’re there, compare your balance with what’s expected for your age.
The Association of Superannuation Funds of Australia (ASFA) estimates that a comfortable retirement requires about $690,000 for a couple and $595,000 for a single person. Are you on track?
If your balance seems low, don’t panic. But don’t ignore it either. The sooner you take action, the better your chances of growing it into something substantial.
Step Two: Check Your Employer Contributions
Your employer is required to pay 11% of your salary into your super. But mistakes happen. Some employers fall behind on payments, and others might pay into an old or inactive account.
To check if you’re getting the right amount:
- Look at your latest payslip. Your super contributions should be listed.
- Cross-check this with what’s in your super account.
If something doesn’t add up, speak to your employer first. If that doesn’t resolve it, you can report the missing super to the ATO.
Step Three: Find Any Lost Super
If you’ve had multiple jobs, chances are you’ve got some forgotten super sitting in an old account. The problem? Every extra account means extra fees, and those fees can eat away at your balance over time.
The good news? You can track down and consolidate your super through myGov. It only takes a few minutes, and it could save you thousands in unnecessary fees.
Step Four: Check Your Super Fund’s Performance
Not all super funds are created equal. Some charge high fees while delivering poor returns, and sticking with a bad fund could cost you hundreds of thousands by retirement.
Look at your fund’s investment returns over the past five to ten years. If they’re consistently lower than similar funds, it might be time to switch. Compare fees, investment options, and insurance policies before making a decision.
Step Five: Consider Boosting Your Super
Even small extra contributions can make a huge difference over time. If you can afford to, consider:
- Salary sacrificing a little extra each pay. This reduces your taxable income and boosts your retirement savings.
- Make voluntary contributions—the government may even add a co-contribution if you’re eligible.
- Checking if your partner can contribute—if one of you earns less, the other might get a tax offset for making contributions on your behalf.
Don’t Set and Forget
Your super is one of the biggest assets you’ll ever have. Yet, too many Aussies treat it like an afterthought. Taking ten minutes to review it now could mean tens—or even hundreds—of thousands of dollars more when you retire.
So, when will you check your super? Because your future self will thank you for it.
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