As the calendar ticks over and we start crafting our New Year’s resolutions, it’s easy to focus on fitness goals or travel plans — but one of the smartest resolutions you can make is to get your financial house in order. Before you commit to saving more or spending less, take time to review your superannuation and personal insurance. A quick check-in now could save you money, ensure you’re properly protected, and set a strong foundation for a prosperous year ahead.
Why review your super and insurance?
Life rarely stands still. Changes in your income, family structure, employment status, or even lifestyle goals can significantly impact whether your super and insurance still meet your needs. Many Australians unknowingly pay for duplicate or unsuitable insurance policies inside their super, while others miss out on valuable benefits simply because their accounts aren’t consolidated or regularly reviewed.
Conducting a review ensures:
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Your investment strategy matches your risk tolerance and time horizon.
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Fees and insurance premiums aren’t eroding your retirement balance.
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Beneficiary nominations are up to date.
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You have the right level of cover for life, total and permanent disability (TPD), and income protection insurance.
Top 5 tips for a smart start to 2026
1. Check your super balance and fees
Log in to your super account and review your balance, investment performance, and fees. High fees can significantly reduce your retirement savings over time, so compare your fund’s costs with industry averages and consider consolidating multiple accounts to avoid paying unnecessary duplicate fees.
2. Review your investment options
Your investment mix should reflect your stage of life and goals. Younger investors might prefer growth options for higher long-term returns, while those nearing retirement may want more conservative investments to protect their savings. Many funds allow you to adjust your strategy easily online.
3. Revisit your insurance cover
Most super funds include default insurance, but is it enough? Check the type and amount of cover you hold, and consider whether your current income, debts, and dependents are adequately protected. If your life circumstances have changed, your insurance should too.
4. Update your beneficiary nominations
Outdated beneficiary details can create complications for loved ones. Review and update your nomination to ensure your super is distributed according to your wishes. You can choose between a binding nomination (legally enforceable) or a non-binding one (a guide for trustees).
5. Seek professional advice
A financial adviser can help you make informed decisions about your super and insurance. They’ll review your overall financial position, help identify any gaps, and recommend tailored strategies to strengthen your financial security.
Final thought
Before making your New Year’s resolutions, set aside an hour to review your super and insurance. It’s a simple, proactive step that could make a world of difference to your future financial wellbeing. The peace of mind that comes from knowing your super is working for you — and your loved ones are protected — makes this one resolution worth keeping.
General Advice Warning
This information is general in nature and does not take into account your personal objectives, financial situation, or needs. You should consider whether the information is appropriate for your circumstances and seek professional advice before making any financial decisions.
