Warning to check on super accounts
TO coincide with the Inaugural Check Your Super Day on June 30, Townsville residents are being urged to check their superannuation.
The call comes after the average super account balances in the Townsville region were found to be tracking below the national average.
On Monday, the Association of Superannuation Funds of Australia (ASFA) released superannuation account balance data for Queensland.
The data showed that residents of the Herbert electorate hold an average super account balance of $144,305 – which tracks over the state average of $142,345 but under the national average of $147,425.
The analysis of data collated from Australia’s superannuation funds also revealed the postcodes with the highest and lowest postcode balances within the electorate.
Featuring suburbs around Townsville’s CBD, postcode 4810 came in on top with an average super balance of $190,000, followed by 4819 and 4814 with averages around $155,000.
At the bottom of the lists were the northwest Townsville suburbs in 4818, which averaged $116,000 and the southwest suburbs in 4815 with average balances of $109,000.
ASFA offered three tips for Australians to give their super an extra boost and ensure it is aligned with their goals.
These included checking your super balance by contacting your fund or visiting Mygov, consolidating multiple superannuation accounts, and checking the asset allocation to ensure this aligned with your risk appetite.
ASFA deputy chief executive Glen Mccrea encouraged people living in Herbert to check their super before June 30th by using a retirement tool such as our Superguru Retirement Tracker.
On July 1, there will be several changes coming into effect relating to superannuation that will help Australians to boost their retirement savings.