The festive season is fast approaching – and what better way to kick things off than by treating yourself first.

This year, consider a gift that could make a real difference: revisiting your super.

A quick check-in now could help set you up for many more festive seasons to come — the kind with freedom, choice, and maybe even a few extra holidays.

1. Consolidating your super accounts to reduce unnecessary fees

Do you have more than one super account floating around? You’re not alone – but it could be costing you. Multiple accounts often mean multiple fees and insurance premiums, which can quietly nibble away at your savings.

Consolidating your super into one account can help cut down on those costs and make it easier to keep track of your balance.

Before you jump in, there are a few things to check before you consolidate:

• Pick the right fund for you – make sure you’re consolidating into the super fund that best suits your needs.
• Check your insurance - closing an account may mean losing any insurance cover attached to it.
• Update your employer – so your contributions go to the right place.
• Claiming a tax deduction? - if you’ve made personal contributions, make sure you submit a notice of intent to your fund before you consolidate, and get confirmation from your super fund.

A good place to start is your myGov account. The Australian Taxation Office’s (ATO) online service can help you identify your super accounts and even kick off the consolidation process – but only if you are moving your entire balance.

2. Check your investment strategy

Your super might be quietly working away in the background – but is it working in the right way for you? Most super funds offer a range of investment options designed to help your savings grow over time, depending on your investment time horizon.

Whether you are still working, just around the corner from retirement, or already enjoying the retired life, your investment strategy still matters. This means your investment horizon, even at retirement, can still be long-term with many festive seasons still to come.

Super funds provide plenty of information to help you choose wisely — including details on:

• the types of investments your money goes into,
• the level of risk involved,
• how diversified the portfolio is, and
• the suggested minimum investment timeframe.

Also you can choose more than one investment option.

A quick review could help you feel more confident that your super is set up to support your future.

3. Check your insurance cover

Life doesn’t always go to plan – and if illness or injury stops you from working, your super might be able to help. Many super funds include insurance cover that could provide financial support when you need it most.

Some super funds offer group cover as part of your membership, with premiums automatically deducted from your account. In other cases, you may have set up a personal insurance policy tailored to your needs.

It’s worth checking that your cover is the right fit — both in type and amount — for your circumstances. And just as importantly, that it’s in place for as long as you need it.

Because while work might stop, bills, mortgage repayments and everyday expenses usually don’t.

4. Nominate a beneficiary

It’s not the cheeriest topic, but it’s an important one: who gets your super when you pass away?

As part of overall estate planning, consideration should be given to the options available in your super. Most super funds let you nominate beneficiaries — the people you’d like your super to go to when you pass away.

Some nominations are binding – meaning the fund’s trustee must follow your instructions. But for that to happen, the nomination needs to be valid.

Only certain beneficiaries are eligible to be nominated - such as your spouse, child, a financial dependant or a person you have an interdependency relationship.

You can also choose to have your super paid to your estate (your legal personal representative) and include instructions in your Will.

Just like all aspects of your estate planning, it’s a good idea to review your nomination regularly to make sure it still reflects your wishes and fits with your broader estate planning goals.

5. Boost your super

Even small contributions to your super can make a big difference over time. Whether you're topping up occasionally or following a regular strategy, every bit helps build the retirement you want. Outlined below are three common ways to contribute.

But first, a heads-up: most contributions to super will count towards either your concessional contribution cap or non-concessional contribution cap. If you exceed those caps, additional tax may be payable.

The ATO has all the details on contribution caps and eligibility rules, so it’s worth checking before you make a move.

Personal deductible contributions

If you make personal after-tax contributions to super, you might be eligible to claim a tax deduction. If you're eligible, you can claim a tax deduction on contributions you make from your own pocket. That means less tax to pay now, and more savings for later — a win-win.

First ensure that you are eligible to claim the deduction and it is worthwhile based on your overall tax position. If yes, just make sure you follow the steps:

• Submit a notice of intent to claim to your super fund.
• Wait for their acknowledgement before claiming the deduction.

It’s a simple strategy, but it needs to be done right to get the benefits.

Personal after-tax contributions

A personal after-tax contribution can be made from either income earned or other non-super savings. In this case, no deduction is claimed.

These contributions still benefit from the favourable tax environment inside super, which means your money has more potential to grow over time.

Government co-contribution

And here’s a little bonus that could brighten your super balance — if you’re a low-income earner and make a personal after-tax contribution to your super, the Government might chip in too.

It’s called the Government co-contribution, and eligible individuals could receive up to $500 per year added to their super. Your eligibility is determined by the ATO after you lodge your tax return. No additional forms, no fuss — just a helpful top-up for doing something good for your future.

It’s worth checking the eligibility rules to see if you qualify. A small contribution from you could lead to a little extra from the Government — and that’s a win for your retirement savings.

A little effort now, could mean a big difference later

The festive season is a great time to reflect — not just on the year that’s been, but on the future you’re building. Taking a few simple steps with your super now can help set you up for many more joyful seasons ahead.

Whether it’s consolidating accounts, reviewing your investment strategy, checking your insurance, updating your beneficiary nominations, or making contributions — every action counts.

Your super is your future. So why not give it a little attention now and enjoy the peace of mind that comes with knowing you’re on track.

Need help?

Navigating the super system can be complex, and sometimes, a little help can go a long way. A Financial Coach can help you identify the best strategies to grow your super at the right time.

Getting help is all part of being with ANZ Smart Choice Super. Our team can answer your super questions and provide advice on how to achieve your retirement goals – at no extra cost.