As the year winds down and we head into 2025, ASFA is encouraging superannuation account holders to take a moment to look at their super and check that everything is on track for the new year.
“The end of the year is an incredibly busy time, but once the ham or other festive food has been eaten and the Boxing Day test has begun, investing as little as one hour to make sure you’re on track to achieve your standard of living retirement will reap dividends. It’s one of best new year’s resolutions you can make,” said ASFA CEO Mary Delahunty.
“This can be as simple as going over your latest statement, thinking about your risk appetite and whether it aligns with your current investments, and considering seeking financial advice from an expert.”
While engaging with your superannuation can seem daunting to many, there are simple steps to take that can help.
Check your super online
A good first step is to access your superannuation account online. Take note of what you currently have and understand what you might need as a balance to retire.
“ASFA’s Superguru site has some helpful tools to help you with this: Super Balance Detective, Retirement Tracker and our Retirement Standard which has just notched up 20 years of capturing the costs of essentials like health, communication, clothing and household goods,” Ms Delahunty said.
Keep your details up to date
Make sure your contact details are up to date and that you’ve nominated a beneficiary. Don’t forget to check you’re in the right investment option for you and that your insurance cover reflects your needs.
Check your account regularly
Monitor your account regularly to make sure you’re not missing any super payments you’re entitled to.
“The introduction of Payday Super from July 2026, a reform ASFA has championed, will make it easier for you to see contributions in real time and pick up on any missed payments,” Ms Delahunty said.
You can also log into your MyGov account to check whether you have accumulated any unwanted superannuation accounts. With a few clicks you can consolidate any unwanted super account into the account you use and want.
Consider maximising your super contributions
You can have a total of $30,000 in tax-deductible contributions (including any employer contributions) to your super fund this year, so if you’re not going to hit that ceiling through your employer’s contributions, consider topping it up yourself and then claim a tax deduction in your next tax return.
Seek advice
Accessing quality, affordable advice through your super fund can make a huge difference. Most super funds provide general advice or limited financial advice at no or only a small cost on topics such as insurance cover, investment options or whether to make additional contributions. Funds also generally have calculators that can assist members with planning for retirement.
Funds also make full personal financial advice to members, but this comes at an additional charge.
Recent research commissioned by ASFA into Australians’ expectations of retirement highlighted the need for quality financial advice to be more accessible and affordable.
The comprehensive and representative survey of 1500 Australian adults found 30 per cent of respondents felt they will need between $500,000 and $1 million in superannuation to retire comfortably. Around the same proportion said they would need between $1 million to $2 million. This is well over the amount recommended by ASFA’s Retirement Standard, which suggests singles will need $595,000 at the time they finish work in order to fund a comfortable retirement, and couples will need $690,000.
The research also found only half the people surveyed had sought professional advice to plan their retirement.
“It’s clear from our research that many Australians are overestimating the amount of money they need to comfortably retire, while some are underestimating it,” Ms Delahunty said.
“This is where access to affordable and accessible financial advice could make a world of difference, and ASFA supports the Government’s recent announcement of Tranche 2 of the Delivering Better Financial Outcomes (DBFO) reforms, which will help increase the supply of financial advice, thereby lowering the cost of high-quality advice. These reforms will help people make confident, informed decisions about their retirement.”
For further information, please contact:
ASFA Media Manager Richard Garfield, 0451 949 300.
About the Association of Superannuation Funds of Australia (ASFA)
ASFA, the voice of super, has been operating since 1962 and is the peak policy, research and advocacy body for Australia’s superannuation industry. ASFA represents the APRA regulated superannuation industry with over 100 organisations as members from corporate, industry, retail and public sector funds, and service providers. We develop policy positions through collaboration with our diverse membership base and use our deep technical expertise and research capabilities to assist in advancing outcomes for Australians.
We unite the superannuation community, supporting our members with research, advocacy, education and collaboration to help Australians enjoy a dignified retirement. We promote effective practice and advocate for efficiency, sustainability and trust in our world-class retirement income system.
