When we are in our 20’s and 30’s, accessing superannuation can seem a long way off and we can become complacent about it. However for most of us our superannuation will be our biggest asset in retirement. Checking a few things could mean the difference between a modest retirement and comfortable retirement.
Is Your Employer Paying Your Superannuation on Time?
We all assume that they are contributing to your Superannuation fund but for some of us the contributions are not being paid. This is why it is important for you to check your Super Fund regularly to ensure that your super is being paid.
As a rule, superannuation must be paid quarterly. See the below table for the exact payment dates. What can you do if your super is not being paid? Ask your employer, why it hasn’t been paid and when they are planning on paying it. If your employer still does not comply then you can contact the ATO to assist you.
How is Your Super Invested?
Do you know how your superannuation is invested and the fees associated? How your super is invested is important. A difference in earnings of as little as 1% can really add up over a 40 year period.
How Much Are You Paying in Fees?
Excess fees can eat away at your final balance and affect your retirement. Canstar recently found that higher fees on a balance of $80,000 could shrink your super balance by over $200,000 over 30 years.
Take Control of Your Superannuation
You could consider a trip to a financial planner to review your superannuation investments and fees.
Looking at how your super is invested and the fees paid don’t require any extra work but can pay huge dividends. Being proactive when you are younger will really pay off when it comes time for you to retire.
Quarterly payment dates for superannuation
|1||1 July – 30 September||28 October|
|2||1 October – 31 December||28 January|
|3||1 January – 31 March||28 April|
|4||1 April – 30 June||28 Jul|