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Superannuation is important! To get the most out of your super,
you need to take more than a 'set and forget' approach to super.
While it is true that superannuation is a long-term investment
and it could be dangerous to be too heavily influenced by short-term
volatility or to try and time investment markets, it is important
you remain proactive with your super.
Even if you do your homework and choose a super fund and an investment
option, it doesn't mean this will always remain the best choice
for you in the future. It's a good idea to review your superannuation
arrangements from time to time. This doesn't necessarily mean you
should make a change, but at least see how things are travelling.
There are a number of ways you can keep on top of your super.
MONITORING PERFORMANCE
The performance of the investment option you choose will impact
on your final superannuation balance and how much you will have
when you retire – so it's important that you make an informed decision
about what investment option suits your needs and whether it continues
to do so as your needs change.
Performance can be hard to judge, especially because superannuation
is a long-term investment. But if you are unhappy with the performance
results of your super, it might be because you need to rethink your
investment option.
CHECK YOUR FUND'S ANNUAL REPORT
You can find a lot of answers about how your super fund has performed
in the fund's annual report. This includes details about the types
of investments the fund made and how each type of investment option
performed during the year – it’s the closest thing to a report card
for your fund. This report will also detail latest developments
within the fund, news about superannuation and any new investment
opportunities.
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