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We’re officially two months-ish away from Christmas, which means it’s time to start planning your gift buying before the shops fill up with people and all the good panettones go out of stock.
But what if I told you the best gift you can get is already under the (proverbial) tree?
It’s worth reading your superannuation statement.Credit: Aresna Villanueva
That’s right, I’m talking about your superannuation statement! Each year, usually around September to October, the big super funds send members their annual account statements, which refer to the past financial year (so June 2024 to June 2025).
These will have arrived as an email or a letter, which you likely ignored, but trust me − they’re riveting reading. Inside you can find a detailed breakdown of your super balance, your employer’s contributions, how your super is invested, your level of insurance cover and the fees you’re paying. What fun!
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What’s the problem?
However, people ignoring these statements is a real issue. Recent research from Australian Retirement Trust (ART) found just one third of Australians feel prepared for retirement, and two thirds of us admit we need to pay more attention to our super.
Opening and understanding your super statement is a great way to take meaningful action on both of these points. So pour a fresh cup of coffee, login to your super fund’s website, and have a look.