Annual member statements are an important way to stay on top of your finances and make sure that you’re on track with your savings and investment goals. Your statement shows you how much money you have in your account, but it also provides valuable information about your recent activity and account balances. Here’s what you should look for in your annual member statement.
Account Balance
Your account balance is the total amount of money you have in your account, including any contributions or withdrawals that you may have made over the year. This is a good number to keep track of to ensure that your account is growing as you hoped it would.
You will also see your account balance broken down into different investment categories in most cases. This can help you understand how your money is allocated and where it is performing the best. For example, if you have a retirement account, you may see a breakdown of how much is invested in stocks, bonds, and cash.
Your Details
At the top of your annual member statement, you will find your personal information, including your name, address, and member number. This is followed by your account details, such as the type of account, the date it was opened, and the current balance.
You should take a moment to review your personal information to ensure that it is up to date and correct. If you see any errors, you should contact your financial institution right away to have them corrected.
Recent Activity
Your annual member statement will also include a summary of your recent activity. This consists of all of the deposits, withdrawals, and transfers you have made over the year. This is a good way to track your spending and make sure that you are sticking to your budget.
If you see any activity you do not recognize, contact your financial institution immediately. This could be an indication of fraudulent activity on your account. If you need help with superannuation advice in Australia, ReviewMySuper can help with any advice regarding your money and investments.
Investment Performance
In addition to showing you your account balance and recent activity, your annual member statement will also provide information about the performance of your investments. This can be a helpful way to track your progress and see how your assets are performing over time.
For each investment that you have, you will see the value of the investment and any gains or losses that have been made over the year. This information can help you decide whether or not to make any changes to your investment portfolio.
Fees
Your annual member statement will also show you any fees that have been charged to your account. This can include account maintenance fees, investment management fees, and transaction fees.
It’s important to keep an eye on the fees you are being charged to be sure that you are getting value for your money. If you are being charged too much in fees, it can eat into your investment returns and put you at a disadvantage.
Insurance Coverages
If you have any insurance products through your financial institution, you will also find information about them in your annual member statement. This can include life insurance, health insurance, and disability insurance.
It’s important to review your insurance coverages regularly to ensure that they are still appropriate for your needs. As your life changes, your insurance needs may change as well. Also, be sure to check the premiums you are paying to be sure that they are still competitive.
Beneficiaries
If you have a retirement account, your annual member statement will also show you the beneficiaries you have designated for your account. This is the person or persons who will receive the money in your account if you die.
You should review your beneficiaries regularly to ensure that they are still up to date. If you get married, divorced, or have children, you may need to update your beneficiaries. And, if you don’t have any beneficiaries designated, now is a good time to do that.
Your annual member statement is an important document that can provide you with valuable information about your account. Be sure to take the time to review it carefully to make the most of your money.