What you can gain by checking your super account more often

When was the last time you checked your superannuation account?

If you're struggling to find your most recent statement or remember your log in details, you aren't alone. 

Research commissioned by the Australian Retirement Trust shows four out of every five Australians don't know how much they're putting away for retirement.

But experts say there are some good reasons we should be checking in on our retirement savings more regularly.

Yearly super check recommended

Finance and economics consultant Pauline Taylor says we all receive an annual benefit statement at the end of each financial year from our superannuation fund, which we should "file away somewhere".

The Melbourne/Naarm-based author says the statement will give you an indication of how much super is in your account and whether it's growing.

"You look at the amount your employer is putting in under the superannuation guarantee, some extra money you might have put in as a voluntary contribution and the returns on the investments that your super money is invested in," she says.

"So, you need to make sure that it is growing, how is it performing and what investment you are in."

Kate McCallum is a financial adviser and author based on Darkinjung lands on the New South Wales Central Coast.

She recommends carrying out a yearly "super service" (like a car service) to understand taxes, fees and what investment options you're in.

"This is really important because a lot of the defaults are age based," she says.

"So, if you flip over an age category, you may find that you've been automatically moved out of, let's say, a growth portfolio into a balanced and that may not be what you want."

She also recommends checking your super fund's investment management fee.

"You don't see that investment management fee because it's actually taken out of your investment returns," she says.

"The average fee is one per cent, so if you're paying more than one per cent that's pretty expensive."

How do I check my superannuation?

Anne Fuchs from the Australian Retirement Trust recommends people download their super fund's app on their phone, in the same way they do for banking apps.

"Four out of five Australian's don't know what superannuation they're entitled to, in terms of what is the percentage that their employers have to pay as part of their salary," she says.

From July 1, Australia's superannuation guarantee rate will from increase from 11.5 per cent to 12 per cent. This is the percentage amount of your ordinary earnings that should be paid into your super by your employer.

"This is why it's really important that people pay attention to this compulsory saving that's linked to their wages," she says.

The Australian Taxation Office (ATO) says the best way to perform a super check is either on ATO online services through myGov or by contacting your super fund directly.

The ATO says it's important to check your super balance each year to see how much you have and keep track of your employer contributions.

"Your employer should pay your super at least every three months," a spokesperson says.

"They may choose to do it more frequently, such as your regular pay cycle."

If you do not receive super contributions or the amounts are incorrect, contact your employer and request an update or report it to the ATO.

What might I find when I check it?

In a best-case scenario, money you didn't know you had.

If you do a super check through myGov, you might find you have lost or unclaimed super which you can roll into one account.

You may have lost track of some of your super when you changed your name, address or job.

The ATO says this is why it's important to ensure your super fund has your current details.

"Lost super is when your fund has lost touch with you, or your account is inactive," a spokesperson says.

"Unclaimed super is when your fund transfers lost super to us."

Kate McCallum says you might also find that you want to change to a fund that has lower fees.

How much super should I have at my age?

To reach a comfortable retirement, here is the estimated super balances needed at certain ages:

*Estimated balance via ASFA Super Balance Detective calculator

Putting the advice to the test

I have always checked my super balance directly through my superannuation fund, but decided to put the myGov check to the test.

I had already linked the ATO to my myGov account, so the process was made easier.

I was surprised to find that I have two superannuation accounts; however, one wasn't active and had a zero-dollar balance. It also wasn't charging any fees, so I have marked it to follow up and close.

During my super check-in also discovered that my death beneficiary nomination had lapsed, and I needed to update it. This wasn't a straightforward process as my fund required me to post a copy of the form, rather than email or update it online.

The ATO recommends taking the time to ensure you have a valid death beneficiary nomination in place with your super fund, as this isn't covered by your will.

This means your loved ones will not be put through unnecessary difficulties to finalise your estate. Most binding nominations expire every three years.

This article contains general information only. You should consider obtaining independent professional advice in relation to your particular circumstances.