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

An In-depth Look into Superannuation

They get a statement at the end of the year, and that's just about it.

How Superannuation is Invested

We don't understand why it's invested, how it works, why it's there, or why we have a superannuation account. So let's go back to the start. Why do we have a superannuation account?

In the 1980s, employees and employers came together, and they decided that rather than them taking a pay increase, they want to start and take control of their retirement savings. They wish to put the pay increase they will get into an account. They want to keep doing that each time they want to get paid and then access that pay once they hit retirement.

This then led to superannuation guarantee which is that 9% that you that your employers put into super on your behalf. So now what we have been a system where anyone who works in Australia or is currently working as a self-employed person can contribute money to superannuation.

Most people understand that. What they don't understand is where that money goes or where that money is invested. Think of superannuation as just another bank account if you will have. Its money that you own, it is money on your behalf, and the only difference is that you can't touch it until you reach the age of 65.

So why should you care? Well, if you think about it, over a 20-30 day period, you could accumulate around the size balance of an average home. $300,000 $500,000 in capital over 20 30 year timeframe. So this is where it's critical to understand where that money is going. Where is it invested? And how is it invested? It could be invested in shares, property, cash, etc. You may also want to ask where it is invested in.

These are important questions. Superannuation can invest in most assets that you can in your name. You can invest in on cash, turn deposits, shares, property, commercial property, and in some cases, domestic property. So it's fair to say that it's profitable with what you can do with your super money.

So if you think about it, you are accumulating more of these funds if you invest it in any way you can with the money in your name. So why wouldn't you want to engage in this? Why wouldn't you want to know where your money is invested? On top of this, there're some pretty good tax-concessions that you can get by having money inside super.

If you want more in-depth detail on superannuation, visit our site at www.australiansuperfinder.com.au

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