Retirement is often seen as a time to unwind and make the most of your golden years after decades of hard work. But for a growing number of Australians, the reality looks quite different.

For those heading into retirement without enough superannuation, the journey can feel overwhelming and stressful. With the cost of living climbing and people living longer than ever before, building a solid financial buffer has become essential for enjoying a comfortable retirement. Yet, many find it difficult to save enough by the time they reach this stage of life.

While the outlook can seem challenging, it’s not all bad news. There are practical steps you can take to strengthen your savings and set yourself up for the retirement you’ve always imagined.

MLC Super Fund (MLC) encourages Australians to take the time to read their annual superannuation statements instead of overlooking them, as this is vital “to ensure you’re getting the most out of your nest egg”.

“By following some quick, simple tips on what to look for in your annual super statement you can help maximise one of your biggest assets – your retirement savings,” said MLC General Manager Workplace Solutions, Jason Marler.

“Getting the most out of your super starts with five key check points when reviewing your annual statement each year – and best of all – they’re free.”

MLC suggests the following five tips for reviewing your super statement:

1. Check your balance: It’s important to be aware of your super balance and assess how it compares to your retirement goals.
2. Check where your super is invested against your risk appetite: Understanding how your super is invested can help you determine if the returns are appropriate. Check that your portfolio allocation and how much investment risk you’re willing to take align with your investment goals.
3. Check your super’s investment performance: Checking your super fund’s investment performance is one of the easiest ways you can maximise your retirement savings. See how your super fund has performed over the last 12 months, as well as its long-term performance.
4. Check the fees you’re paying: Understand the administration and investment fees you’re paying with your super fund, and the benefits you receive in return.
5. Check your insurance cover: Most people have life and total and permanent disability (TPD) included in their super. It’s important to regularly check if your level of insurance cover is appropriate and if you’ve nominated beneficiaries.”

“Super can be complicated, but these simple steps are an easy way to further engage with your super to ensure you’re getting the most out of your nest egg,” Marler said.

IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your financial or legal situation, objectives or needs. That means it’s not financial product or legal advice and shouldn’t be relied upon as if it is. Before making a financial or legal decision, you should work out if the info is appropriate for your situation and get independent, licensed financial services or legal advice.