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

Tips on How to Control Your Super

Many experts predict that we would need an excess of a million dollars to get through this retirement phase and live comfortably. So are you on the right track to have that money by retirement? Do you know your super fund and how much the balance is?

If your superannuation funded into your retirement is going to act just like your employee is today, and he's made a personal entity that pays you each month, do you think you should know who they are? How much they're going to pay you, and importantly, what are they going to charge you to retain your money and pay it back to you in the future?

If we don't take control of our super in our working lives today, we might end up with a terrible shock that there isn't enough money for you to live on happily during retirement. We won't be able to afford a holiday plan or the cars we wanted. So it is important for you to regain control of your superannuation fund.

Find any Lost Super from Past Jobs

Many super members have multiple accounts or jobs in their lifetime. And that means you probably have more than one superannuation account. If so, you are likely to be paying multiple sets of fees and charges that are eating away in your retirement income.

The website www.australiansuperfinder.com.au will help you locate any lost superannuation account that is in your name.

Consolidating your Accounts

Secondly, if you do find that you've got more than one superannuation account, you must consider combining them with only one account. What this will do is cut down multiple sets of fees and charges done by the fund managers.

Considering your Super Investment Options

Given the long-term nature of your superannuation, most super funds go for investment options that are way up the rules of the investment against the amount that each is returned. So you might want to increase the rate of your interest returns for your superannuation fund by changing the risk factor that you are prepared to accept.

Consider Salary Sacrifice to Boost Your Super

Once you have purchased your home and you're comfortable making the required monthly repayments, find salary sacrificing. This will boost your superannuation account and lower your taxable income. That is you deposit some of your pre-taxed income into your superannuation fund on top of your employer contributions. This will increase the amount invested each year which will give you a high superannuation balance and more cash to spend in retirement.

Superannuation can be a tricky savings structure, but it is important that you take control of it now as it will fund the money that you will need when you retire. At Australian Super Finder, we provide free consultation and advice to clients with lost super. You can call us at 1300 252 167

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