Super statements reveal hidden boosts to retirement savings

Here's a number that might surprise you: there was just under $17.8 billion in lost super waiting to be claimed as at 30 June 2024, according to the Australian Taxation Office (ATO). That's nearly $18 billion just sitting there, unclaimed.

And right now, sitting in letterboxes and email inboxes across Australia, are millions of annual superannuation statements that could help you claim your share.

If you're among those who glance at that envelope from your super fund and think 'I'll deal with this later' before filing it away with the other paperwork, you're not alone.

But this simple document could be the key to significantly boosting your retirement nest egg.

Your Super Has Been Performing Better Than You Might Think

Before we dive into what to look for in your statement, here's some encouraging news: your super has likely been working harder for you than you realise.

The median Growth fund returned 10.5 per cent in the 2025 financial year, following strong returns of 9.1 per cent in 2024 and 9.2 per cent in 2023. That's three consecutive years of solid performance.

Even better, for the first time, all MySuper products passed APRA's annual performance test in 2024. This compares with one fail in 2023, five fails in 2022 and 13 fails in the inaugural test in 2021.

What this means is that if you're in a default MySuper option, your fund has met the regulator's benchmarks for delivering value to members.

Major funds have been delivering solid results too. AustralianSuper's Balanced option, where most members are invested, returned 9.52 per cent for the financial year ending 30 June 2025, while Aware Super's High Growth option delivered 8.83 per cent per year over the 10 years to 30 June 2025.

The Reality Check: Most Australians Are Behind

Despite these strong returns, here's the sobering reality: around 75 to 80 per cent of individuals have balances below $500,000 around the time of retirement.

Yet the Association of Superannuation Funds of Australia estimates that a couple hoping for a 'comfortable' retirement will need $690,000 in savings and a single person will need $595,000.

This gap makes every dollar in your super account more precious, and every fee you pay more significant. It also means that small improvements in performance or reductions in fees can have an outsized impact on your final retirement balance.

Small Differences, Big Impact: Why Fees Matter More Than You Think

Here's where your annual statement becomes crucial. Those fees listed in the fine print aren't just numbers—they're directly eating into your retirement savings.

Australians paid out more than $10.2 billion in total fees to super funds in the financial year to June 2024, according to figures from the Australian Prudential Regulation Authority.

The impact of fees compounds over time. Someone paying 0.75 per cent of their super balance in fees per year would have $92,700 more at retirement age of 67 compared to someone paying 1.50 per cent of their balance in fees. That's nearly $100,000 more in retirement income, just from choosing a lower-fee fund.

The Hunt for Lost Super: You Might Have More Than You Think

One of the most valuable exercises your annual statement can prompt is checking for lost super. In 2024, around 78 per cent of Australians held a single super account, an increase from 74 per cent in 2020.

This improvement suggests more people are consolidating their accounts, but it also means 22 per cent of Australians still have multiple accounts.

If you've changed jobs, moved states, or had different employers over your career, there's a good chance you have super scattered across different funds. Each additional account means additional fees eating into your balance.

The good news is that finding and consolidating lost super has never been easier. You can use your myGov account to search for and transfer lost super accounts, often within minutes.

What to Look For: Your Super Statement Checklist

When your statement arrives, don't just glance at the balance. Here's what deserves your attention:

Performance comparison: Your statement should show how your investment option performed against similar funds. If you're consistently underperforming, it might be time to consider switching.

Fee breakdown: Look for the total annual fees you've paid. If they seem high compared to similar funds, use the ATO's YourSuper comparison tool to see alternatives.

Insurance costs: Many people don't realise how much they're paying for insurance through their super. If you have multiple accounts, you might be paying for duplicate coverage.

Contribution matching: Check that your employer's contributions match your pay slips. With super guarantee now at 12 per cent, make sure you're receiving the full amount you're entitled to.

Common Mistakes That Could Cost You Thousands

Research reveals several mistakes that Australian seniors commonly make with their super:

Switching to cash during market downturns: When markets crash, it's tempting to move your super to a conservative option. But this often means locking in losses and missing the recovery.

Ignoring multiple accounts: Each super account you hold typically charges separate administration fees. Even small balances can be eroded by fees over time.

Not updating beneficiaries: Life changes like marriage, divorce, or the birth of grandchildren should prompt a beneficiary review.

Assuming all funds are the same: There can be significant differences in performance and fees between funds. The ATO's comparison tool shows some funds charge twice as much in fees as others for similar services.

Taking Action: Your Next Steps

If your statement reveals issues or opportunities, here's your action plan:

Use the ATO's YourSuper comparison tool: This free service lets you compare your fund's performance and fees against alternatives. You simply enter your age and balance, and it shows you options ranked by expected returns.

Consolidate multiple accounts: If you find lost super or have multiple accounts, consider consolidating them. Just be careful not to lose valuable insurance cover in the process.

Review your investment strategy: As you approach or enter retirement, your investment mix might need adjusting. But don't make knee-jerk reactions to short-term market movements.

Check your insurance: Make sure you're not over-insured or under-insured, and that you're not paying for duplicate cover across multiple accounts.

When Your Statement Arrives: Major Fund Timeline

Most super funds send statements between September and December. Here's when to expect yours from the major funds:

• AustralianSuper: Late September to November
  
• Australian Retirement Trust: September to December
  
• Aware Super: From September 11
  
• UniSuper: September
  
• HOSTPLUS: September
  
• CBUS: September to October
  
• REST: September to October
  
• HESTA: November to December

The Switching Decision: What to Consider

If your statement reveals your fund is underperforming or charging high fees, switching might be worthwhile. But don't rush. Consider:

Insurance implications: You might lose valuable insurance cover when you switch. Make sure you understand what you're giving up and whether you can replace it.

Exit fees: Some older funds charge exit fees, though these are less common now.

Investment timeframe: If you're close to retirement, the benefits of switching might be reduced compared to someone with decades of working life ahead.

Employer requirements: Some employers have arrangements with specific funds, so check whether switching affects your contributions.

Beyond the Statement: Staying Engaged

Your annual super statement is just one touchpoint in managing your retirement savings. The most successful retirees check their super regularly throughout the year, not just when the statement arrives.

Consider setting up online access to your super account so you can monitor performance and make adjustments as needed. Most major funds offer mobile apps that make it easy to check balances and performance on the go.

Remember, superannuation isn't a set-and-forget investment. It requires active management to ensure you're getting the best possible outcome for your retirement years.

What's your experience been with your super statements? Have you discovered any surprises when digging into the details, or found lost super you'd forgotten about? Share your super statement stories and tips in the comments below—your experience might help other members make better decisions about their retirement savings.