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step 1

Consider 'lost' Super

As we move from employer to employer over the years, and from Super fund to super fund, it can be easy to lose touch with super accounts which, however small, are earning money which is rightfully ours. Don’t believe us?

It’s believed that Australians have ‘lost’ or left behind over $16 billion in superannuation, waiting to be claimed. What if some of that money were rightfully yours? You owe it to yourself to claim it back, and the right financial planner can help with this.

step 2

Avoid multiple funds

So, while it’s possible you may have ‘lost’ super in older funds, if you’ve recently changed employers and super providers, you’d be aware of at least two funds to which you’re currently contributing.

If you’re aware of multiple fund accounts in your name, this means that you’re paying fees and charges on each account unnecessarily.

Over time this eats away at your super more than you realise, so consolidation into the one fund of your choice is key.

step 3

Government entitlements

While many of us don’t even think about making extra personal contributions to our super until later in our careers, it can be an easy way to give your super an added boost.

If you earn up to a certain threshold, if you make a personal contribution to your super you could qualify for a co-contribution from the Government up to $500. Seems simple, right? It is.

And if you’re thinking of making the most of your contribution limits, making additional pre-tax (or salary sacrifice) contributions not only boosts your super but could also reduce the amount of tax you pay.

step 4

If in doubt, reach out!

Regardless of age, we all want to achieve the maximum return possible on our superannuation so we can have more say in the way we spend life after work. Not all of us, however, possess the knowledge to seize every opportunity when it comes to super – we don’t know what we don’t know.

When you feel like you could be doing more but aren’t sure of your next steps, it never hurts to speak to an expert, even just to get an appraisal of your current situation.