Queensland’s largest super fund is encouraging Queenslanders to open up their annual statements this year.
QSuper CEO and 2013 Telstra Australian Business Woman of the Year, Rosemary Vilgan said many people don’t pay much attention to their annual super statements.
“Superannuation is your money. It may not be cash in your hand today, but it’s your money nonetheless, and taking an interest in your account now could make a positive difference to your balance in the long-term,” Ms Vilgan said.
“When your statement arrives, open it and check you’re on track for the retirement you want.
“It only takes five minutes to check your balance and the fees you are paying, as well as your investment options and level of insurance cover.
“Some super funds may also provide a retirement income projection on your statement, which will give you an idea of what you can expect to receive in retirement either annually or monthly.
“If you don’t think you are on the right track to having a comfortable retirement, it’s never too late to take action.
“Simple things such as consolidating super accounts, making additional contributions and salary sacrificing could make a difference to your retirement outcome.
“If you’re really unsure of how your retirement is shaping up then seeking professional financial advice could also help you make the most of your superannuation.
“When you are seeking advice, ask questions about how much the advice will cost you and how the adviser is paid, and where possible seek a second opinion before you make any major financial decision.”
QSuper has a range of calculators on its website, designed to help members make the most of their super now and in the future. QSuper members also have access to competitively priced personal advice through QInvest1, the financial planning business of the QSuper group.
“Superannuation is a long term investment so the earlier you start to pay attention to it and take action, the better off you will be in retirement,” Ms Vilgan said.
1. QInvest Limited (ABN 35 063 511 580, AFSL and Australian Credit Licence number 238274) is ultimately owned by the QSuper Board (ABN 32 125 059 006) as trustee for the QSuper Fund (ABN 60 905 115 063), and is a separate legal entity that is responsible for the financial services and credit services it provides.