How to decode your Super statement

TL;DR

Learn how to read your super statement to ensure your contributions, investments, fees, and insurance are in order.

Transcript

hi my name's Olivia and I'm a financial advisor at consortium Private Wealth and today's video is going to be on how to read your super statement we feel like most of the population once the statement comes into your mailbox you get it you look at it throw it in the bin or you get delete on your email when it comes through but um might be worth jus... Read More

Key Insights

• 🦸 Verify that your employer is making the minimum super guarantee payments and that salary sacrificing is correctly recorded.
• 🤱 Excessive fees can have a negative impact on your retirement savings, so compare fee structures with other funds if needed.
• 🥅 Review your investment options to ensure they align with your investment goals and preferences.
• 🪡 Check if your insurance coverage is suitable for your current needs and monitor insurance premiums.
• 🚕 Provide your super fund with your tax file number to avoid excessive tax deductions and ensure accurate earnings reporting.
• 🙏 Keep your binding death nomination up to date to ensure your funds are distributed according to your wishes.
• 😚 Maintain updated contact and personal information to avoid complications with lost super statements.

Questions & Answers

Q: Why is it important to read your super statement?

Reading your super statement ensures that your retirement savings are growing as expected and that all aspects, such as contributions, investments, fees, and insurance, are in order.

Q: What should I check regarding contributions?

Verify that your employer is making the minimum 9.5% super guarantee payments, which can be matched with your pay slips. Also, ensure that salary sacrificing is correctly recorded.

Q: What fees should I look out for?

Check for administration fees and investment fees. Excessive fees can significantly impact your overall savings. Consider comparing fees with other retail or industry funds.

Q: What should I know about investments?

Your statement will show how your investments are split, such as Australian or international shares. Ensure that the allocation aligns with your investment goals.

Q: What information should I review about insurance?

Check if your statement includes life or total permanent disability insurance. Assess if the coverage is appropriate for your current needs. Additionally, monitor insurance premiums.

Q: How can I ensure accurate tax deductions and earnings?

Provide your super fund with your tax file number to prevent excessive tax deductions. Also, review if you are being taxed too much on earnings.

Q: What is a binding death nomination?

A binding death nomination allows you to specify who receives your super funds if you pass away. Keep this nomination up to date to ensure your wishes are honored.

Q: Is it advisable to consolidate multiple super funds?

Before consolidating, consult a financial advisor. They can help assess the insurances in each fund, preventing the loss of valuable coverage.

Summary & Key Takeaways

• Super statements contain important information regarding your retirement savings, such as contributions and investment details.

• Check that your employer is making minimum super guarantee payments and that salary sacrificing is correctly recorded.

• Keep an eye on transaction fees, investment fees, insurance coverage, investment options, and tax deductions.