6 tips to grow your super

Retirement might be a long way off. When you’re young, having enough for a comfortable twilight can seem like an issue for someone else. But if you want to have more than the bare minimum, you can’t afford to be complacent.

Your employer contributes 9.5% of your earnings to your super. Boosting that nest egg can set you up for life.

Whether you’re just starting out or thinking about hanging up your boots, we’ve got some tips to grow your super that you can start on right now.

1. Know how super works.

It seems obvious, but the first step to rocking your super is to understand it. That means:

• Finding out how much you have.
• Getting a feel for how much you’ll need.
• Knowing what kind of fees you’re paying.
• Understanding how your money is being invested.
• Checking whether you have insurances attached.
• Reading the finer details of your account(s).

For example, did you know your balance can fluctuate? Between unpredictable investment markets and ongoing fees and charges, your balance might actually go backwards before it picks up again. The more you know.

2. Choose a fund that works for you.

Most workers are free to choose their own super fund, and it’s never too late to switch. You might opt for a fund based on account features, or look at options specific to your industry.

Comparison sites like Finder and SuperRatings can show you how yours stacks up. Finding the right one and sticking to it can also mean less money is absorbed by account-keeping fees as you move from one job to the next.

3. Track down lost super.

One of the ways to increase superannuation is to find it! Over $17 billion is sitting in unclaimed super funds. Many of us have had an employer choose a fund on our behalf, and it’s easy to lose track of where your money is sitting. If you’ve ever changed jobs or address, some of that lost super could be yours.

Tracking it down is actually really easy. Register with the government’s myGov portal, then set up a link to your Tax Office account and go the ‘Super’ tab. The website can show you what you’ve got and where it is. Or, you can ask your fund directly about reclaiming these secret piles of cash.

4. Consolidate your super funds into one.

Half of Australian workers have more than one super fund but when it comes to super accounts, less is more. Extra accounts can attract more fees, confuse your employers, and crowd your letterbox at tax time.

You can save time, money and precious surface area by folding multiple balances into a single fund. Before consolidating, check for any insurance quibbles and exit fees, then head to MyGov again. The website can help you roll them into one with just a few clicks.

5. Make your own contributions.

Your employer’s contribution might sound like a lot, but Australians are notorious for underestimating just how much we’ll need for retirement.

There are two main ways to boost your super:

• Talk to your employer about salary sacrificing. It’s a tax-friendly way to grow your super balance.
• Make voluntary contributions out of your own pocket. If you’re a low-to-middle income earner the government may match your contribution up to $500.

6. Tap into expert advice.

Your super fund probably offers free or low-cost financial advice as part of its member services. This is a budget-friendly way to understand how to increase your superannuation balance and the range of investment choices available. Contact your fund for details of the services available to you.

It’s hard enough just to plan for next week, let alone retirement. Many of us haven’t prepared well enough yet, or don’t understand how we can grow our balances faster.

But there’s still time. It’s never too late to build your super savings and look forward to a comfortable retirement. Start today.