Check your super statement for these critical details
Your annual super statement reveals performance gaps, fees and errors that could cost you hundreds of thousands.
Annual superannuation statements are arriving in inboxes across Australia this week, and experts say it's worth reading every page rather than filing it away. Check that your personal information and tax file number are correct, verify your employer has contributed the full 12 per cent superannuation guarantee, and review your beneficiary details.
Look for multiple accounts with the same fund, as they erode your retirement savings through extra fees. Your statement will show your investment returns over one to five years or longer.
The average five-year return for a balanced fund is 6.1 per cent, but top-performing funds average 7.5 per cent. That 1.4 per cent difference compounds significantly: a 30-year-old with average wages could end up with almost $250,000 extra by retirement age if they're in a better-performing fund.
Check your fees and insurance coverage too.
- 1.4 per cent between top and average funds
- Return gap
- $250,000 for 30-year-old in better fund
- Potential extra at retirement
- 12 per cent of pre-tax pay
- Employer contribution required
- 7.5 per cent
- Top fund 5-year average
Why it mattersSmall differences in performance and fees add up to tens of thousands over a working lifetime, so reviewing your statement annually helps protect your retirement.
AustraliaEvery Australian with superannuation should review their statement to ensure they're on track for retirement and not losing money to poor performance or hidden fees.
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