I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Super isn't just for those who are closing in on Retirement. You can boost super at any Age.

It's not too late for any individual to take control of their superannuation and yet people take this fact for granted every time.

Whether you are working with an employer or freelance, you must continuously monitor your super and ensure that you are headed towards the right path.

Employers are expected to give 9.5% of an employee's salary into superannuation each time you are paid. The Association of Superannuation Funds of Australia though is proposing that employees should save at least 12% to enjoy a comfortable retirement.

Giving extra contributions is one of the simplest ways to enhance your nest egg, and you don't have to worry about the amount of the extra contribution because even a small amount can make a difference, the head of financial literacy and advocacy, Bryan Ashenden mentioned.

Ashenden suggested that the members think about how much they can give as an extra contribution because such contribution would be better than nothing. This is not a difficult thing to do. Your employer can simply take a certain amount from your salary, excluding tax in each pay period to ensure that you don't miss a single extra contribution.

Ashenden also said that there have never been a better investment regarding tax-wise and small amounts paid regularly will accumulate to a fantastic degree over time.

Once your contributions are set up, you can then ensure to put all of your super money into a single basket.

Two important things can be done here.

First of all, you can ask an online service to help you find any lost super from previous accounts that you may have forgotten. One such service is www.australiansuperfinder.com.au.

A 6 $16 billion of lost super sits within accounts all throughout Australia and there's a great probability that one of them could be years.

According to Lara Bourguignon, NAB client management, corporate and institutional wealth general manager, the next thing you can do once you have located your lost super accounts is to consider consolidating them.

She said that you would usually only require a single super account, and it is always plausible to consolidate multiple accounts into one. The manner in which your money is also invested matters in the long run.

Bourguignon said that a strategy that provokes growth and strategy is an appropriate strategy when you are younger but that a cautious, less diversified strategy would be safer if you are nearing retirement.

Ashenden mentioned that you can often afford to welcome some risk with your superannuation investment compared to other super savings since it is invested for a long term.

Check the insurance offered through superannuation and whether or not it is sufficient to cover you. It may also help you to ensure that you aren't paying twice the amount for insurance.

If you are satisfied with the cover you will get inside your super; then you can usually save from it compared to any after-tax earnings you can get.

Bourguignon added that including a nominated beneficiary is also essential for the trustee of the plan to determine whom he will be paying at the time of your death.

It may sound a bit paranoid but leaving such matters to your family (to facilitate) can lead to more stress and trauma on their part and your insurance can make a difference regarding financial compensation to them.

Ways to Maximize your Superannuation

1. Ensure that you are taxed at the proper rate for all your super contributions by providing a TFN to your super fund.
2. If you happen to have multiple accounts as a result of working with various companies and from various employers, you can consult with an online super finder service online. You can see our administrators by calling 1300 252 167.
3. Employers contributing 9.5% of their salary should know that the Association of Superannuation Funds of Australia advice that you put at least 12% into super savings. Salary sacrifice a bit in every month or during payday until it adds up to the long term.
4. Nearly 50% of the Australians contain multiple super accounts. Having more than one super account could mean that a super member is paying various fees, sucking into his super balance. The solution to this is to consolidate your accounts.
5. You may find reassurance for having life insurance in your super, but you still need to check if your insurance is sufficient enough. Think about how much you will-will need if ever your situation changes.

If you like these tips on how to boost your super, then you would also love our other posts on www.australiansuperfinder.com.au

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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