How to Fix an Underperforming Super Fund: Superannuation Tips

Your superannuation is one of your most important financial assets, and its performance can significantly impact your retirement lifestyle. If your super fund isn’t performing as well as you’d like, don’t worry. There are steps you can take to turn things around. Here are practical tips tailored to Gold Coast residents to help you get your super back on track.

1. Review Your Current Super Fund

Start by checking the performance of your current super fund. Compare its annual returns to industry benchmarks and other funds. Pay close attention to fees, as high management or investment fees can eat into your returns over time.

Action Tip: Log into your super account online and download your most recent statement. Look at the annual returns and the fees charged. If they seem excessive, it might be time to explore alternatives.

2. Consolidate Your Super Accounts

If you’ve had multiple jobs, there’s a good chance you have more than one super account. Multiple accounts mean multiple sets of fees, which can drag down your overall balance.

Action Tip: Use the ATO’s online portal to search for and consolidate your super accounts into one fund. Be sure to check for insurance benefits attached to any accounts before closing them.

3. Re-evaluate Your Investment Strategy

Your investment strategy plays a crucial role in your super’s performance. If your money is sitting in a conservative or default option, it might not align with your financial goals or time horizon.

Action Tip: Assess your risk tolerance and consider switching to a growth or balanced option if you’re looking for higher returns and have a longer time until retirement.

4. Seek Professional Advice

Navigating the complexities of superannuation can be overwhelming. A financial adviser can help you analyse your current fund, recommend better options, and create a strategy to optimise your returns.

Action Tip: Book a consultation with a local Gold Coast financial adviser, like Redwood Financial Planning, to get tailored advice and ensure your super is working for you.

5. Stay Engaged with Your Super

Set-and-forget isn’t the best approach to superannuation. Regularly reviewing your fund’s performance and making adjustments as needed can help you stay on track.

Action Tip: Schedule an annual check-in with your financial adviser or set a reminder to review your super fund’s performance at least once a year.

Take Control of Your Super Today

Your superannuation is a vital part of your financial future, and ensuring it performs well is essential. By following these tips and seeking expert advice, you can maximise your returns and set yourself up for a comfortable retirement.

At Redwood Financial Planning, we specialise in helping Aussies make the most of their super. Contact us today for a complimentary superannuation review to see how we can help you achieve your financial goals.

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.