Taking just under an hour of your time could substantially enhance your retirement prospects, according to experts. A recent study conducted by the Commonwealth Bank in July uncovered significant gaps in the understanding of superannuation among Australians.

In October, a survey by Finder further illuminated this issue, revealing that nearly 29 percent of Australians aren’t aware of how their super fund has performed over the past year. This lack of awareness could potentially hinder many from optimizing their retirement savings.

Experts recommend revisiting your investment and insurance settings. Being in the right investment that aligns with your age and risk tolerance can lead to potential savings and a healthier financial future.

Additionally, some individuals may have the opportunity to bolster their retirement funds by maximizing concessional contributions. For this financial year, the cap on these contributions, which include employer contributions, has been set at $30,000.

What to check on your super account?

It also suggests reviewing investment and insurance settings, as you could be missing out on potential savings if you’re not in the right investment for your age and risk appetite.

Some people may also be able to boost their retirement savings by maximising concessional contributions, with the cap set at $30,000, including employer contributions, this financial year.

Most Australians happy with their fund’s performance

The survey of 1,500 Australians found 90 per cent believe super plays an important role in ensuring financial well-being in retirement, while nearly 80 per cent trust their fund to make sound financial decisions.

However, satisfaction levels were lower among people from culturally and linguistically diverse backgrounds.