Your annual super statement will provide a snapshot of how your super is going, but it can also be an invitation to take a look under the hood and make sure you’re happy with its current settings. Here are a few things to consider once your super statement arrives this year.

Consider how your super is invested

While your super fund may make an effort to tailor your investment strategy according to your life stage, you do have the ability to personalise things yourself.

Have a look at the investment options your fund offers, and if any appeal consider chatting about them with a financial adviser. They’ll help you understand things like your risk profile and how certain investment choices may or may not align with your goals. For example, a younger person might be more comfortable with a higher allocation to growth assets, given that they’ll have more time to ride out the ups and downs of the market.

See how your super balance stacks up

If you’re not one to check on your super balance regularly, now might be a good time to take a close look. On its own, however, this figure might not mean much, which is why it can be useful to consider how much money you should have by the time you retire.

According to the ASFA Retirement Standard, single retirees aged 67 will need around $595,000 to enjoy a comfortable retirement, while a retired couple will need $690,000. These figures can provide a useful target to shoot for, but they have a few assumptions built in, such as that retirees will own their home outright.

If your balance isn’t where you want it to be, think about ways you might be able to get it looking healthier. This could involve salary sacrificing — in which you accept a smaller pay packet from your employer so they can contribute more to your super — or simply topping up your super from your savings.

Check your employer super guarantee contributions

If you’ve recently started a new job, it might be worth reviewing the money entering your account to make sure you’re getting the right amount at the right time. Currently, employer super contributions have to be made on at least a quarterly basis. By 1 July 2026, however, proposed legislation will require employers to pay super at the same time as salary and wages.

If you believe you’re not getting paid what you’re owed, a conversation with your employer or HR department might be in order. The ATO can also be called on to investigate and take action if your boss isn’t responsive or the problem persists.

Make sure your insurance is set to an appropriate level

These days, most super funds automatically offer life, total and permanent disability, and (in some cases) income protection insurance to their members. While this can be convenient, these policies are typically set to the default level and won’t be tailored to your specific needs.

If you’ve experienced a major life change in the past year (think marriage, birth of a child, or taking out a mortgage), that default cover might all of a sudden seem inadequate. Use an insurance calculator to estimate how much cover might be appropriate, and if your current level of cover falls short, it might be worth contacting your fund and asking if it can be adjusted.

On the other hand, if you’ve paid off your home and no longer have any financial dependents, having high insurance premiums deducted from your super may be needlessly eating into your retirement savings. Here, you might consider adjusting your level of insurance down a bit.

Make sure your beneficiaries are valid and up-to-date

As your super isn’t considered an estate asset, it won’t be covered by your Will. That means if you want to make sure your death benefit gets paid out to the right person, you’ll need to make sure you have a valid beneficiary nominated. This is typically limited to:

• A spouse
• A child or children
• A financial dependent
• Someone with whom you are in an interdependent relationship
• Your legal personal representative (i.e. the executor or administrator of your estate)

If you nominate your legal personal representative, they’ll receive your super as a lump sum upon your death. Your super will then form part of your estate and it will then be up to them as trustee to distribute it in accordance with your Will.

If you die without nominating a beneficiary (or you’ve nominated an invalid one), your fund must follow legislated rules to get the death proceeds into the hands of one or more of your beneficiaries — but there’s a chance this might end up at odds with your wishes.