Where does your super go? How hard is it working for you? Come behind the curtain and find out how it all works.
Your super is money that’s saved during your working life so you can enjoy one of your biggest sources of savings when you retire. Generally 9.5% of your salary goes to your super, that’s a large amount of money - especially when you add it up over your entire working career. You’d certainly notice if it was added to your bank account each pay day.
When you start a new job ask your employer if nominating a super fund is an option for you. If you are able to nominate a fund you may wish to consider the following things:
Performance of the fund
No one can predict which super fund will perform the best in the future. But a history of long term strong investment returns is a good factor to consider when deciding on a fund and can make a difference to the money you have available in retirement.
Fees and costs
All super funds have to charge fees and costs to help run the fund. High fees and costs can erode your super balance so its important to understand what fees you are being charged, the services you receive and how they compare in the market.
Consolidate and save
If you have more than one super account, consolidating your savings into one account could save you on fees and make it easier to manage. Before making a decision, look out for any fees or charges that may apply for closing an account and understand the impact of combining your accounts on benefits, such as insurance.