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What Is A Superannuation Health Check

Marti Bismark • Apr 17, 2023

What Is A Superannuation Health Check

A superannuation health check is an evaluation of your superannuation fund to assess its performance, fees, insurance coverage, and investment options. This process helps you understand how your super is performing compared to other funds, ensuring that you are on track to meet your retirement goals. By regularly conducting a superannuation health check, especially for someone over 20 years, it can significantly impact the growth of your retirement savings.

Here's how a superannuation health check can help improve your superannuation performance:

Assessing performance: 
A health check will evaluate the historical performance of your fund. Comparing the returns of your fund to the average returns of similar funds or benchmark indices can provide a clearer picture of how well your investments are performing. If your fund consistently underperforms, it may be time to consider switching to a better-performing fund.

Reviewing fees: 
Fees can significantly impact your super balance over time. A health check will help you identify and compare the fees charged by your fund, including administration fees, investment fees, and indirect costs. By selecting a fund with lower fees, you can potentially save thousands of dollars over the long term.


Investment options: 
A health check will evaluate the investment options available within your fund, as well as your current allocation. Ensuring your investments align with your risk tolerance, financial goals, and time horizon is crucial for optimizing your superannuation growth. Regularly reviewing your investment strategy will help you stay on track to reach your retirement goals.


Insurance coverage: 
Superannuation funds often provide insurance coverage, such as life insurance, total and permanent disability (TPD) insurance, and income protection insurance. A health check will review your insurance coverage and premiums to ensure they are suitable for your needs and circumstances. This can help you avoid paying for unnecessary coverage or identify gaps in your protection.


Beneficiary nominations: 
A health check will also examine your beneficiary nominations to ensure they are up-to-date and reflect your current wishes. This is important to ensure that your superannuation benefits are distributed according to your intentions in the event of your death.


Consolidating accounts: 
If you have multiple super accounts, a health check can help you identify the benefits of consolidating them into a single fund. Consolidating your super can simplify your finances, reduce fees, and make it easier to track your superannuation performance.


By regularly conducting a superannuation health check and comparing your fund against others, you can identify areas for improvement and make informed decisions to optimize your superannuation growth. Over a 20-year period or longer, these small adjustments can result in a significant increase in your retirement savings.
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