5 Signs It’s Time for a Superannuation Review (And How to Start)

Superannuation is one of the most important financial assets Australians have, yet many of us overlook it or simply forget to check if it's performing well. Regular reviews can ensure your super is on track to help you meet your retirement goals, but how do you know when it's time to review your super?

Here are five signs that it might be time to review your superannuation and how to get started with the process.

1. You’ve Changed Jobs or Career Paths

When you change jobs or industries, your superannuation can easily get forgotten. If you've been working in different positions over the years, it's possible that you have multiple super funds, each with different fees and performance rates. Consolidating these into a single, well-performing fund could help you save on fees and make managing your super much easier.

A superannuation review can help identify any outdated or unnecessary accounts, making sure your super is working harder for you.

2. Your Super’s Performance Doesn’t Meet Expectations

If you’re not happy with your super fund's performance, it might be time to take a closer look. Each super fund has a different investment strategy and return profile. If your super hasn’t been meeting your expectations or the market’s growth, you may want to consider switching to a fund that offers better returns or aligns more with your long-term goals.

Reviewing your super helps you assess whether your current fund is still the best option for you, or if a different investment strategy could help boost your retirement savings.

3. You’ve Had Major Life Changes

Significant life events, such as marriage, having children, or purchasing property, can impact your superannuation strategy. A superannuation review after a major life change ensures that your retirement plan reflects your current goals and circumstances.

If you’re planning for a family or buying a home, your financial priorities might shift, and it’s important to adjust your super contributions or investment options accordingly to stay on track.

4. You’re Uncertain About Your Fees and Costs

Super funds often have a range of fees associated with their accounts, from administration fees to investment fees. These fees can chip away at your retirement savings over time, especially if you have a high-fee fund. If you're uncertain about how much you're paying in fees, it's a good idea to review your superannuation fund.

A financial planner can help you understand how your fund’s fees compare to others, and they can assist in finding a more cost-effective solution that won’t eat into your future savings.

5. You’re Behind on Your Retirement Goals

If your superannuation balance isn’t growing fast enough to meet your retirement goals, it’s time for a review. A financial planner can help you calculate how much you need to save to achieve the lifestyle you want in retirement, then review your current super balance and contribution strategy to see if you’re on track.

A regular review allows you to make adjustments to your contributions, investment strategy, or retirement goals to ensure your super is working to help you retire comfortably.

How to Start Your Superannuation Review

Starting your superannuation review is simple. The first step is to gather all the details about your current super fund(s), including account statements, investment options, and fees. From there, you can meet with a financial planner who will guide you through the process, helping you consolidate super accounts, assess performance, and adjust your strategy.

Contact us today to schedule a superannuation review with our experienced financial advisers. We're here to help you make the most of your super and set you on a path to a secure retirement.

Disclaimer: The information provided in this blog is for general informational purposes only and does not constitute financial, tax, or investment advice. We recommend speaking with a qualified financial adviser before making any decisions regarding your superannuation. Every individual’s financial situation is unique, and personalised advice is essential to ensure the best outcome for your specific circumstances.