Superannuation Health Check: Are You on Track for Retirement?
For most Australians, superannuation will be one of the largest financial assets they ever own. Despite its importance, it often receives less attention than it deserves. A regular review of your super can help you avoid costly mistakes and ensure your retirement savings are positioned to support the lifestyle you want.
5 Key Areas to Review:
The ATO recommends checking your super at least once a year. A structured review should cover:
- Contact Details – Ensure your super fund has your current address, email, and tax file number.
- Balance & Contributions – Check your employer is paying the correct Super Guarantee, now 12%
- Lost or Unclaimed Super – Use myGov to search and consolidate.
- Multiple Accounts – Consolidate to avoid duplicate fees and insurance.
- Beneficiaries – Make sure your nomination is up to date and binding.
Understanding Super Fees
Even modest differences in fees can significantly affect your final balance. A 0.5% increase in fees could reduce a typical worker’s retirement savings by around $100,000.
Here are the main types of fees to watch for:
| Fee Type | Description |
| Administration Fee | Covers account management; may be fixed or percentage-based. |
| Investment Fee | Charged for managing your investments; varies by option. |
| Performance Fee | Applied if returns exceed a benchmark. |
| Advice Fee | For personal financial advice; often optional. |
| Switching Fee | Charged when changing investment options (some funds waive this). |
| Buy/Sell Spread | Covers transaction costs when buying/selling assets. |
Tip: Check your fund’s Product Disclosure Statement (PDS) for a full breakdown.
The Downside of Limited Pre-Mixed Investment Options
Many super funds provide pre-mixed options such as Balanced, Growth or Conservative. These can be convenient, but may not always align with your personal circumstances or retirement goals. Potential limitations include:
- Limited ability to customise asset allocation.
- Higher costs for actively managed options.
- Restricted access to direct shares, ETFs or ethical investments.
- Less flexibility to adjust as your risk profile changes over time.
For those approaching retirement, gaining more control over asset allocation can be especially important to balance income needs with risk management.
What you can do
A superannuation review doesn’t need to be complex, but it does need to be thorough. Practical steps include:
- Reviewing your investment mix to ensure it matches your risk tolerance and retirement timeframe.
- Comparing fees using tools such as the ATO’s YourSuper comparison tool.
- Seeking professional advice to create a strategy that’s tailored to your goals and helps reduce unnecessary tax and costs.
Get the Most From Your Superannuation
The bottom line: a regular superannuation review can help keep your super aligned with your long-term goals. If you’d like guidance tailored to your circumstances, get in touch with Advisory Partner’s Financial Planning team for a confidential discussion. Book your free 15-minute appointment today.
General Advice Warning – This communication provides general financial product advice only, and has been prepared without taking into account your individual objectives, financial situation or needs. Before acting on any information provided, you should consider the appropriateness of the advice in light of your own objectives, financial situation and needs. We recommend that you read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), or other disclosure documents before making any financial decision. This advice does not constitute personal advice and should not be relied upon as such. If you require financial advice tailored to your personal circumstances, you should seek advice from a licensed financial adviser who is authorised to provide such services. Lifesolver Pty Ltd, ABN 98 620 494 279, is an Authorised Representative of Advice Evolution Pty Ltd, holder of Australian Financial Services Licence (AFSL) number 342880. We do not accept liability for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from reliance on this general advice. For more information about financial advice regulations in Australia, please refer to the Australian Securities and Investments Commission (ASIC) at www.asic.gov.au.