1. Check your account balance

"Your statement will show your opening and closing balance for the financial year," Mr Murray said.

"Ideally, your statement should also include a snapshot of your account over the past five years so you can see how your retirement savings are tracking over time.

2. Review your transactions

"Just like a bank statement, your super statement will detail all the transactions on your account for the year, including the contributions made to your account, and any fees, insurance premiums and withdrawals that have come out.

"If you are employed, check to make sure you've received regular contributions from your employer.

"If you have been topping up your super through salary sacrifice or after-tax contributions, make sure they are on there too.

3. Check how your investments performed

"Your statement will show you how your money is invested and how those investments performed, including your total investment earnings for the year.

"Super funds offer different options that range from low to high risk, so make sure you’re comfortable with where your money is invested.

"The right investment can make a big difference to your retirement.

4. Check your insurance cover

"Your statement will provide you with a summary of the automatic insurance that may come with your super account, including whether you are covered if you’re off work due to sickness or injury and the amount that will be paid out if you die or become totally and permanently disabled.

"Check the total benefits available to you and review your premiums to make sure your cover is right for your current circumstance.

5. Review nominations

"Review your personal details including who you have nominated to receive your super if you die.

"Make sure your super fund has your most up to date contact details, including your email and postal address, so you don’t run the risk of losing your super account down the track.

"If your circumstances have changed recently, make sure you have updated your beneficiaries because your super does not form part of your estate."


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            Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of December 11, 2023. View disclaimer.




            Picture by Cathryn Lavery via Unsplash





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