How do I get the most out of my super?

Consolidate your superannuation

It is rarely advantageous to have multiple different superannuation funds as the cost of two sets of fees outweighs the benefits. Superannuation accounts with low balances can end up going backwards after fees to it makes sense to combine your superannuation together.

The Australian Tax Office has search tools to help you keep track of your superannuation accounts –
Once you have found all your superannuation accounts you can roll them into your preferred superannuation fund by contacting the financial institutions and following their instructions.

When you change jobs you can ask your new employer to use your existing superannuation fund instead of setting up a new one (unless your employer has enterprise bargaining agreements that prevent this)

Consider the amount that you are contributing

As contributions up to $25,000 each year can be made using pre tax salary this is a very tax effective way to save. If the amount of superannuation guarantee contributed by your employer is less than $25,000 you may consider additional contributions using salary sacrifice (if your employer offers this) or you can make additional contributions using your after tax salary and claim the contribution as a tax deduction (both methods ultimately achieve the same outcome but salary sacrifice has the benefit of not needing to pay the tax office first and then waiting for a refund)

Choose an appropriate investment option for your circumstances

Generally when it comes to investing, the assets that have the greatest potential return also have the greatest risk (or variability in return). You should keep this in mind when choosing the investment option for your superannuation. When you are earlier in your career it can be appropriate to choose investment options that have a higher weighting to growth assets, the logic is that you are trying to maximise your return in the long run and you have time to make up for dips in investment performance. The opposite is the case as you near retirement or when you have retired, you may be willing to forgo some upside in investment return to minimise the chances of losing money.

Consider the right level on insurance for you

Taking up life and TPD insurance within superannuation can be cost effective and also frees up current cash flow (obviously at the cost of retirement savings). You should ensure
that you are comfortable with the amount of insurance that you have and increase/decrease the amount of insurance as your circumstances change. Look also at the detail of what
is covered and any exclusions