7 steps to set yourself up for the future
What's not to like about building wealth in a tax-advantaged, low-fee, high-performance environment? That's essentially what super is all about. But for super to be as financially rewarding as it can be, it requires commitment.
The total amount held in superannuation has doubled in the past 10 years - from $1.5 trillion in 2012 to $3.3 trillion in 2022, showing its rising importance as a driver of financial security in retirement.
And while for some people that stage of life might seem a too-distant concept, for super to effectively build over time, we need to be thinking about it now.
Next to their home, superannuation is the second most significant asset that most people will own in their lifetime.
Whether you're just starting out, have experienced a setback after dipping into your super during the pandemic, or you're looking to further strengthen your position, we've drawn up a checklist to assist you on your journey.
From reviewing your super regularly to making sure your paperwork is up-to-date, if you put in the effort, giving your superannuation all the love and attention it deserves, you'll reap the rewards when it matters most.
1 Check your fund's performance
For starters, make sure your compulsory 10.5% contribution - or super guarantee (SG) - is being paid into your super account.
“Those are the contributions your employer is deducting and are part of your earnings. Make sure they are finding their way to your fund,” advises Martin Fahy, CEO of the Association of
