3 easy things to do to get your superannuation sorted for the new year
End the year with your superannuation sorted - it won't take nearly as long as you think.
The end of the year is a great time to tick of a few of the things you've had on your to-do list in the back of your mind for ages.
Superannuation is often one of those things we keep putting off dealing with, and stick it in the "too-hard basket".
But it's really not as time-consuming or complex as you might think, and by doing a few little housekeeping things now you can head into the new year feeling much better about your super.
1. Consolidate funds
If you've worked multiple jobs, you might be surprised to find that you have more than one super fund open in your name. For example, if you worked a few different jobs in your 20s and opted to use your employers default super fund for each one.
If you've got multiple super funds, you're paying multiple sets of fees unnecessarily.
You can easily see which super fund/s are open in your name via your myGov account online. If you find you've got more than one, consolidate them so all your super money is together in the one fund (and you're only paying one set of fees!).
Not happy with your super fund?
Compare super funds and make the switch.
2. Check your benaficiaries and insurance
I write about superannuation, yet even I was surprised to see I had no beneficiaries listed when I checked my super account recently.
Your benaficiary (or beneficiaries) is who you want your super money to go to in the event of your death. If you don't select any, the fund will need to determine where the money should go.
Even if you do have some listed, it's a good idea to check these are still accurate and make any updates needed.
While you're at it, you may as well check what insurance cover (if any) you have with your fund, and update this too if needed. I originally opted out of insurance all together in my 20s, but now in my 30s with a family and a large mortgage I've decided it's a good idea to add some.
3. Compare and switch
Most importantly, you should take a little bit of time to compare your super fund with others in the market. Check how your fund has performed over the long term (5-10 years) compared to others, and how the annnual fees stack up.
This isn't something you need to do every single year (after all, superannuation is a long term investment) but it's a great idea to do it if you haven't look in a while.
If you're happy with your current fund, you'll have the peace of mind to know you checked. If you're not happy, you can take action and change super funds.
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