Make Time For A Check-Up

If you take a close interest in your super, you stand a better chance of accumulating the funds you need for a decent retirement

- David Thornton

Australia’s superannuation system is widely lauded. “Many policymakers around the world look at the Australian system with envy,” says David Knox, from wealth and retirement consultancy Mercer.

But this good fortune can be taken for granted. And it’s made worse by the decades that elapse between when super contributions are made and when they provide benefit.

“Regardless of how much you have – a lot, not much or in between – our compulsory superannuation system here in Australia means everyone who works is effectively an investor,” says Kirk McNeill, client services manager at Australian Ethical.

And keeping tabs on your super is easier than you may think.

“It’s always tempting to put off dealing with finances, but breaking it down into tasks for one minute, one day, one week and one month is great way of making progress toward a better financial future,” says Rose Kerlin, from AustralianSuper.

So we spoke to the experts to get their tips on ways you can make the most of your super now and in the future.

TAKE A MINUTE

Right off the bat, the best thing you can do is simply make the decision to engage with your super. “There’s this disengagement with superannuation, especially among younger members, because retirement is a long way away,” says Dean Bornor, general manager advice and education at Rest.