1. ‘Setting and forgetting’ your super

If someone asked you how much super you’ve saved for your future, would you know? For most of us, super is one of our biggest assets. So, make the time to check your annual statement when it lands with you or, better still, register and log in to Member Online regularly to check your account. 

 

2. Changing your investment options when the market dips

So, the market’s dipped and everyone’s in a panic. You might be tempted to follow the herd and move your super to a less risky investment option. But now might not be the best time to make the switch. Why? You risk locking in your losses and miss benefiting when the market rises again. Instead, it’s probably better to stick to your investment strategy and ride out the wave–especially if you’ve got plenty of time until you retire.  

Learn more about investment switching 

 

3. Keeping multiple super accounts

Multiple super accounts mean more paperwork and multiple sets of fees. Combining your super into a single account can save on account fees and makes keeping track of your super much easier. So, why not consider combining your super accounts?¹ 

Learn more about combining super accounts

 

4. Nominating Mum, Dad, your sibling or a friend to be the beneficiary of your super

It’s a nice gesture, but unfortunately these individuals rarely meet the eligibility criteria for binding super beneficiaries. Super law requires us to distribute your super benefit to your dependant/s or your legal personal representative. For individuals who aren’t considered a dependant, you could consider making a non-binding nomination. 

Read more about beneficiaries 

 

5. Ignoring your insurance needs

How would you and your family pay your bills if you were to become disabled or pass away? If you haven’t checked your Death, TPD and Income protection cover lately (or ever), now might be the time to review it–especially if your life has changed recently. 

Log in to review your insurance

Learn more about Insurance through your super

 

6. Make a super choice based on fees alone

So, you’ve found a super fund offering low fees. That’s great, a fund with competitive fees is what you want. But equally important is checking it performs well.  

Also, check their investment philosophy. It’s a good idea to choose one that will outperform and protect your super over the long-term. 

 

7. Missing the opportunity to make the most of compound returns 

Many of us think we’ll get around to making extra super contributions ‘one day’. But ask many who’ve reached their golden years, and they’ll say, ‘I wish I paid more attention sooner’. Why? The earlier you start, the longer your super contributions will benefit from the magic of compound interest.  

So, as soon as your situation allows, consider putting a little bit extra into your super–your future self will thank you.  

 

Want to chat with a super expert?

If you’ve been making any of these super mistakes, there’s no time like the present to do something about it. And we’re right here to help you if you need it–simply book a call-back to speak with a financial planner.²