Super rules are always change but these are the key things to do no matter what
The rules and regulations around superannuation are constantly changing, but there are 4 key things you need to do no matter what.
1: CONSOLIDATE YOUR ACCOUNTS
Multiple accounts means multiple sets of fees eating away at your savings, so it’s crazy not to pool them together.
Jump on the ATO’s SuperSeeker website to see a list of accounts in your name and get the consolidation process started.
2: NOMINATE A BENEFICIARY
If you pass away unexpectedly and haven’t nominated a beneficiary, your super fund will decide who gets your money.
So for peace of mind, take the time to lodge a beneficiary nomination form with your fund.
3: REVIEW YOUR INSURANCE
Super funds often automatically provide new members with some combination of death, disablement and income protection insurance.
But this cover can be fairly basic and may not be suitable for your personal situation, so take the time to review it carefully.
4: CHOOSE YOUR INVESTMENT OPTION
Most super funds offer a choice of different investment options to cater for a range of investment strategies.
Think about what you want to achieve and how comfortable you are with risk, and invest accordingly.