Australia’s largest super fund, AustralianSuper, is under investigation by ASIC for delays in processing death benefit claims. This is part of a broader crackdown on the $4.1 trillion superannuation industry, with regulators pushing for higher service standards and improved governance.

Recent issues, like Rest Super mistakenly charging members insurance premiums, highlight ongoing inefficiencies. In response, the government is introducing mandatory service standards, while industry experts call for urgent IT system upgrades to modernize outdated processes.

These changes could reshape how super funds operate, ensuring better transparency and member outcomes.

Voluntary contributions to your superannuation can significantly enhance your retirement savings. Financial adviser Helen McCallum suggests that individuals over 45 may find these contributions more practical, as they have a clearer picture of their financial situation and retirement goals.

It's essential to assess your current financial position before deciding to make additional contributions. Factors such as existing debts, mortgage obligations, and immediate financial needs should be considered to ensure that contributing extra to your super is a viable option.

By carefully evaluating your circumstances, you can determine the most appropriate time to boost your superannuation savings, thereby securing a more comfortable retirement.

Approximately 700,000 Australian retirees over the age of 65 are paying more tax than necessary by not transitioning their superannuation funds from accumulation to retirement phase. In the accumulation phase, earnings are taxed at 15%, whereas in the retirement phase, earnings on balances up to $1.9 million are tax-free. This oversight results in an average additional tax payment of $650 per retiree annually, with some paying up to $9,000 extra over their retirement.

Many retirees remain unaware of the benefits of moving their super into the retirement phase, often due to a lack of accessible financial advice. The Super Members Council emphasises the need for affordable guidance to help retirees make informed decisions about their superannuation.

By transitioning their super funds appropriately, retirees can significantly reduce their tax burden and enhance their retirement savings.

Many hardworking Australians are facing a growing crisis as they find it increasingly difficult to afford retirement. Despite the importance of superannuation in securing financial stability, rising living costs and inadequate savings are preventing many from reaching their retirement goals. Financial experts are urging individuals to take proactive steps, such as reviewing and optimising their super, to ensure a comfortable retirement.

The article discusses the importance of making sure your superannuation is set up correctly to be passed on to your loved ones. It emphasises the significance of nominating beneficiaries and reviewing your super fund’s beneficiary details. By doing so, you ensure your super is inherited smoothly, avoiding potential legal and financial complications down the line.

Australians are encouraged to make a simple yet highly beneficial superannuation move that could increase their savings by $67,000 over time. This involves consolidating multiple super funds into one and making additional voluntary contributions. The process only takes a few minutes but can significantly improve the growth of retirement savings. With many Australians holding multiple super accounts, this quick action could help streamline finances and reduce unnecessary fees, ultimately boosting retirement funds and improving financial security.