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

Some Preliminary Steps for Super Beginners

Find all your super funds. If you are aware of the names of your super funds, account numbers, and account balances, then you can decide whether you choose to combine your superannuation benefits into an account.

Become acquainted with your super fund. The majority of the main super funds provide helpful info about super, as well as your particular benefit.

Make sure each of the super funds has a tax file number. If the Superfund does not have your tax file number, the contributions of your employer are hit with the further tax, and you can't make any non-concessional (after-tax) contributions.

Select a Superfund. If you do choose to have a major super fund, then you have to choose which superfund that's going to be, as well as arrange for any additional contributions to be settled into that certain account. Moreover, you can arrange for benefits in other funds, to be moved to your selected fund.

Consider the investment options in the fund. Most fund members invest their super money through a "balanced" investment option intended for the regular fund member with ten years or more to retirement.

Love the super as if it was your own. The easiest method in saving your super is to treat it like you'd treat money in a bank which it almost is, but that you cannot spend it yet.

Key message: It is your money

You're employed, and your boss must pay cash into a superfund for you the corresponding 9.5% of your salary or wages each year, plus these settlements must be made quarterly (every three months), at least.

Even though you do not do anything about taking care of your superannuation account, the compulsory contributions (Superannuation Guarantee) of your employer can amount to thousands of cash. You could even consider putting in contributions yourself.

How it works:
John is 28 earning $55,000 annually plus super. Every quarter his employer pays 9.5% Superannuation Guarantee (SG) which turn out to be $5,225 per year. After five years, John could have $21,000 in dollars today in his super account once taking into consideration earnings on the contributions, given $300 annually on life insurance, as well as after deducting taxes and fees and (insurance) premiums. After ten years, John could have just below $51,000 in dollars today in his superannuation account, taking up $300 annually insurance, and after taxes and fees. Today's dollars signify that the $51,000 is following the adjustment of the amount annually for 3% increase. In tomorrow's dollars (instead of today's dollars), after ten years, John could have just below $59,000.

That is a lot of cash for not doing anything!

Assume yearly return of 7% after taxes and fees. Assume John has insurance premiums taken of $300 a year. The superannuation balances are in dollars today (adjusted down to make up future 3% inflation a year). Over one year, your salary's 9.5% turns out to correspond almost five weeks' pay. And you do not even need to work extra hours to be eligible for this super.

Learn more on how you can maximize your super in our website at www.australiansuperfinder.com.au

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