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

Superannuation Made Easy

You may think that you are years away from retirement and should therefore not worry about it now. But super is all about accumulating money while you're still working to pay your salary during your retirement year. And if you live longer, you will have more money for your retirement to make it last.

Doing your Super Calculations

So what does an average person need in retirement? Well for an average couple who are paying their home, they need to generate around $51,000 pa as retirement income. This means that they will have to accumulate $720,000 by the time they get to age 65.

$720,000 may seem like a lot of money but remember that it is not just about super. There are other personal savings and investments, there's the government pension, and some people may decide to downsize their home.

Playing a Role with your Super

You may not know what's in your super fund and ask whether you will have shares in your portfolio. But this is not a problem. The reality is people don't understand where their superannuation is invested. It's important that you do have the investment in shares and other asset classes like bonds and cash. But it's important that you take control and ask your super provider lots of questions.

Will having Super hit you during times of Global Financial Crisis?

Yes. Having super will hit you in times of global crisis. But that is because your super funds have some investment in shares. And shared markets, as you know, are often down just like us. But eventually, they recover. And they add value to the longer term.

Some Super Tips

There are other ways of boosting your super that are interesting. For instance, lower income earners have a government pay co-contribution, where they match your personal contributions. Then there's salary sacrifice. That's when you decide to take a wage cut and redirect your savings to your super fund. Now that will boost your retirement savings and also bring some tax advantages.

In the end, it's all about accumulating enough money for us who are working to have sufficient income in retirement. But it's crucial to get the right advice to ensure that you've got enough to enjoy the good life. For more super help, call us at www.australiansuperfinder.com.au

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