Superannuation Checklist -
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Superannuation Checklist

Superannuation Checklist

Superannuation is your retirement fund. It’s a long term saving plan you implement now to ensure that you have adequate funds to live on during retirement. Here is a quick superannuation checklist to ensure your super is on track.

To make sure you are on track with your super saving it’s recommended that you review your superannuation at least every 12 months.

Ricarmo Financial Group specialises in managed superannuation. This service includes regular reviews, and some of the checks we make are outlined below.

Do you only have one fund?

For one reason or another many of us end up with more than one super fund. Meaning that we are paying multiple administration fees and insurance premiums.

Very quickly these fees and premiums can add up and eat into your super balance. Use our free find my super service to fund and combine your super into one fund.

With only one super fund, you only have to pay one set of fees and insurance premiums, keeping your balance health.

Are you on track to reach your goal?

Being aware of what you are trying to achieve makes the process a hundred percentage easier.

Take some time to write down what you would like your retirement to look like. Add some figures on how much your retirement will cost and this will give an idea of how much you need.

Remember to include large spends such as your mortgage and money for some fun.

Are you adding enough?

In Australia, we have Superannuation Guarantee. If you are earning over $450 per month, your employer must pay at least 9.5% of salary into your super fund.

You also have the options of making additional contributions, and we can help you make the most tax effective strategies for doing this.

Examine your statements regularly to double check that both your employer’s contribution and any additional contributions you have made are included.

 Are you contactable?

If your super fund can’t get in touch after 12 months, it becomes ‘lost’. The ATO holds lost super funds and often your insurance cover is cancelled. To make sure your fund is still active (and earning interest), keep your contact details up to date with your funds.

Are you covered?

By default, your super fund provides life insurance. However, this is the basic cover and might not be enough to protect your family if something was to happen to you. As your situation changes regularly, your insurance needs to be updated to ensure you have adequate cover. As part of your regular reviews with Ricarmo Financial Group, we will assist with insurance cover to make sure it’s adequate.

Did you provide your Tax File Number (TFN)?

If your super fund doesn’t have your TFN, your tax rate increases. Instead of paying 15% tax on your contributions you are paying 49% – a massive increase.  It also limits your ability to make additional after tax contributions. Make sure your fund has all the details they need.

As you can see reviewing your superannuation regularly is very important. As a Ricarmo Financial Group client your superannuation is in safe hands. We take care of the regular reviews for you and contact you if required. We hope you found this superannuation checklist valuable and if you have any questions, get in touch.

If you want to find out about our Managed Superannuation service, contact our office today.