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

Entering the Workforce with Super

If you are just entering the workforce, chances are you will find yourself working on various measures in the working life that you have. Your roles could be numerous and different, and your superannuation arrangements can alter from job to job.

You ought to be aware of how superannuation works, acquaint yourself with super methods of your employer and determine whether or not you can select your superannuation fund.

If you are a contract worker or freelance, you could be qualified for superannuation from your person who employs you or the duty of saving money for your superannuation could fall to you. It is crucial to gain knowledge on the way superannuation works for your case.

Setting up your super from the beginning can save time in sorting out accounts later and put thousands to your ultimate retirement balance.

Selecting Your Superannuation Fund

If you can choose your super fund, consider any insurance arrangements or fees, added benefits and investment performance when making a choice.

If you can choose, yet do not give your employer information on your chosen fund, your employer will usually create a super account on your behalf with their default super fund. If you have loads of employers with various default super funds, your super accounts can add up, each cause to undergo default insurance premiums and account-keeping fees.

Keep your superannuation simple thru taking your super fund with you once you alter roles.

Starting Early To Set Up Super

It isn't only the amount you pay to superannuation when you pay money also has an impact on your super's shape at retirement. The reason - compounding.

How does this "compounding" work?

You like to invest in superannuation. You must make up your mind as to whether or not to pay now or sometimes begin at some point.

You may choose to either: start now and pay gradually over the following 20 years, or begin later and pay the same overall amount by paying higher sums over a shorter period. If you begin setting up your superannuation early, your payments earn returns for longer.

Annually, the investment returns you made put to your superannuation, increasing the sum of your overall investment. The next year, your returns are computed from this larger investment amount. Year after year, the returns are compounded due to the investment returns of the past years.

What is the impact?

If you begin early, this process of compounding builds your superannuation over a longer time and so has a bigger effect on the retirement savings you earned than if delaying your contribution plan.

Get more super facts and tips at www.australiansuperfinder.com.au

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