What to expect from a Super Health Check
Your super is too important to ignore. Here we explain the steps in doing a super health check and what to expect if you meet with a super specialist.
Super may be one of the largest assets a person owns. While it’s easy to ignore it, doing so could mean missing out on thousands of dollars when you retire. That’s why it’s important to do a Super Health Check.
What are the steps?
At LUCRF Super, there are 6 easy steps as part of our Super Health Check.
- Make sure your super is paid on time
- Stop paying unnecessary fees
- Choose how your super is invested
- Tell us who should get your super when you die
- Grow your super faster and pay less tax
- Protect your family if something happens to you
You can do it online yourself, or you can book a one-on-one appointment with one of our super specialists who can step you through the process at no extra cost. Either way, you can find out more here.
What’s important to you?
Before you meet with a super specialist, take a minute to ask yourself a few important questions. For example: what are my goals over the next 5 years, when do I plan to retire, and who do I need to look after financially if something happens to me?
Step 1. Make sure your super is paid on time
First up, your super specialist will show you your current super balance and your recent super contributions. Here you can check whether your super is being paid on time. From then on, you can check in on a regular basis using Members Online. If you haven’t registered for this service, they’ll help you set it up.
Also, if you haven’t downloaded your digital membership card they will show you how. This is very handy, especially when changing jobs.
Step 2. Stop paying unnecessary fees
According to the Australian Tax Office (ATO), around 4 million Australians hold two or more super accounts. This could mean you are paying unnecessary fees and charges, which can reduce your overall retirement income. If you have super in multiple funds, a super specialist will explain how easy it is to combine them into a single fund.
Step 3. Choose how your super is invested
Next, the super specialist will show you which investment option you are currently invested in, the investment returns, the risk level and the fees and costs. They will then show you the other investment options available, so you can compare them all. You can then choose to stay with your existing investment option or change to a different investment option. There is no fee to switch.
Step 4. Tell us who should get your super when you die
In the event of your death, it’s important that your super goes to the people you choose. Your super specialist will show you how to nominate beneficiaries or make a change to your current nomination.
Step 5. Grow your super faster and pay less tax
One way to grow your super faster is to make extra contributions to your super. Adding a little bit extra now could make a difference down the track. Your super specialist will explain the benefits of salary sacrifice (before tax), after tax contributions and government co-contributions (for low-income earners). They will also explain the limits for each contribution type and the potential tax benefits.
Step 6. Protect your family if something happens to you
Do you have adequate cover to protect yourself and your family? Your super specialist can assist you to decide, by taking you through the process step-by-step:
- showing you whether you have any insurance, and if so, what level of cover you have
- informing you about Death & Total and Permanent Disablement (TPD), Death Only and Income Protection insurance and explaining how these covers work
- providing an insurance calculator to work out how much insurance cover you need
Life is changing all the time. You might move to a new house, change jobs or have a growing family. That’s why you should check in with your super at least once a year. This may help you to make sure that your investment options and insurance cover continue to reflect your individual needs. A good time to review these is when you receive your annual statement.
Want to know more?
If you're after specific advice, a LUCRF Super financial adviser is available to help you make decisions about your super at no extra cost. They will help you answer the following questions. Alternatively, you can DIY by using the online resources below:
- How much super will I need to enjoy a comfortable retirement?
- What is the estimated amount I will have when I retire?
- How long will this amount last me when I retire?
- What income am I likely to get from super and the age pension when I retire?
- Do I need to contribute some extra money into my super?
- How much extra could I have at retirement and save on tax by salary sacrificing into super?
Advice about your super is included in your membership fees.