Why your superannuation needs a mid-year checkup

It’s easy to think of super as something that just takes care of itself. Your employer pays into it, you get your annual statement, and hopefully by retirement, there’s enough in the pot. But the truth is, a few small tweaks each year can make a big difference to your long-term outcome, and mid-year is a great time to check in.

Here’s a quick and practical mid-year super health check to make sure you're not leaving money (or peace of mind) on the table.

1. Check your contributions

Are you taking advantage of the $30,000 concessional cap? If you’ve had a pay rise or some extra cash flow, now might be the time to increase your salary sacrifice contributions. It’s tax-effective, and it adds up. If you're eligible, the government's co-contribution scheme could also give your super a nice little boost.

2. Review your investment strategy

Many super fund members are automatically invested in the default ‘balanced investment option’. Depending on your life stage, you might want to explore whether a different investment mix aligns with your goals or appetite for risk. Most super funds let you choose or switch online.

3. Insurance inside super

Super often includes default insurance of life, TPD, or income protection. But is it the right type and amount for your situation? Too little and you’re underinsured. Too much and you could be paying unnecessary fees that eat into your balance.

4. Consolidate accounts

Still have multiple super accounts floating around from past jobs? Consolidating can reduce fees and streamline your retirement savings. Just check if you’ll lose any valuable insurance before you switch.

5. Update your beneficiaries

Has your family situation changed? Marriage, divorce, or children all impact who should receive your super if something happens to you. Make sure your binding nominations are current and correctly lodged with your fund.

Everyone’s situation is different, and there’s no one-size-fits-all answer. If you’d like help making sense of your super or want someone to run through your options with you, give PKF Wealth a call.