How do I do that? Most people's attention is understandably focused on negative investment returns. However, HLB Mann Judd Sydney wealth management partner Michael Hutton says investors should be looking at the bigger picture - whether they're making the most of their opportunities to ensure their super provides the retirement income they want. He says investment losses have even created opportunities for investors who are prepared to look beyond the short-term results.

Such as? Hutton says younger fund members in particular should review their investment option to ensure it suits their long-term needs. "If you're younger and in a relatively conservative investment option, [the recent losses] could encourage you to switch to a more growth-oriented option," he says. "You'd be getting discounted prices on the growth assets and while no one knows what markets will do in the short term, they will recover. We just don't know when. But younger investors can afford to wait for that recovery."

Hutton says investors should also be reviewing their contributions early in the new financial year. Many self-employed people tend to leave super contributions to one big hit towards June 30, but Hutton says it makes more sense to spread your contributions throughout the year. This reduces the risk of investing all your money just before a market fall and your money is invested in a low tax environment much sooner. He says markets will go up and down during the year but by investing regularly you get the benefit of buying in the dips and benefiting from any recovery.

For employees, he says, salary sacrifice arrangements should also be put in place early in the financial year. As you can only sacrifice income you haven't earned yet, this is not something you can leave until the last moment.

"The aim should be to get your money into super as tax-effectively as possible," he says. "You can do that either by making personal deductible contributions if you are eligible, or sacrificing part of your salary for higher employer contributions."

What if I have already retired? Can you afford to take only the minimum income (currently 4 per cent if you're under 65 and 5 per cent if you're aged between 65 and 75)? If you can, Hutton says, it will limit the drain on your savings and give them a greater chance of recovery once markets improve.

He says retirees who are not eligible for an age pension should also recalculate whether their super balance has been hit by both investment losses and income withdrawals. "The age pension thresholds are quite high these days," he says. "A home-owner couple can have $856,500 in assets and qualify for a part pension."

Even if you are eligible for only $1 of pension, he says, you will qualify for other benefits such as reduced rates and health care. Where retirees are eligible for a higher pension payment, it may reduce the pressure to draw down more than the minimum from your retirement savings. But you need to do the sums yourself and register with Centrelink before any benefit will be paid.

Is there anything else I should do? Hutton says investors also should review their insurance cover. Buying life insurance through your super fund is more tax-effective than buying it in your own right but Hutton says the base cover provided by most default options is generally not enough. He says fund members should review their life, trauma and income protection insurance to ensure they are adequate and consider increasing their cover through their super fund.

Insurance is also an important consideration if you're thinking of switching funds as the level of cover offered may not be as generous with your new fund, or you may not automatically qualify for a similar level of cover. (See also the monthly super fund tables on p12.)