A new calendar year is the perfect time to take stock of your superannuation and make sure everything is on track. With contribution caps, compliance rules and ever-changing legislation, it’s easy to make mistakes that can cost you money – or even delay your retirement goals. Here are some of the most common superannuation missteps to avoid as you move through the year.

1. Forgetting to Review Your Contributions

Many people assume their employer contributions are enough. But if you’re relying solely on the Super Guarantee, you may fall short of your retirement target. Failing to make voluntary contributions – whether concessional (before-tax) or non-concessional (after-tax) – can leave gaps in your savings.

It’s also important to monitor how close you are to the annual contribution caps. Going over these caps can trigger unexpected tax penalties, which can be avoided with regular check-ins.

2. Missing the Opportunity for Co-Contributions

If you’re a low- to middle-income earner, you may be eligible for the government co-contribution. Many people forget to take advantage of this benefit each year. A small after-tax contribution could secure an additional boost from the government – essentially free money added to your retirement savings.

3. Not Checking Your Fund’s Performance

Your superannuation is a long-term investment, and not all funds perform equally. Failing to review your fund’s returns, fees and investment options can mean years of missed growth. The start of the year is a good time to compare how your fund stacks up and consider whether your current investment strategy aligns with your goals and risk profile.

4. Having Multiple Super Accounts

It’s surprisingly common to accumulate multiple accounts over years of job changes. Leaving them untouched can lead to duplicated fees and insurance premiums, eroding your balance. Consolidating into one account – after checking the insurance implications – can save money and simplify your financial life.

5. Ignoring Your Insurance Inside Super

Super funds often include default insurance for life, disability and income protection. Not reviewing this cover can leave you underinsured or paying for insurance you don’t need. Take time to confirm whether your insurance is appropriate and whether you’re paying unnecessary premiums.

Start Your Year On The Right Foot

Superannuation is too important to leave on autopilot. By avoiding these common mistakes and checking in regularly, you can strengthen your retirement position and make the most of the year ahead.