5 Steps to Stronger Super

Australians who start planning their super strategy earlier have a better chance at securing the retirement that they want.

Here are five steps to creating a strong super strategy:

Good Advice: Seek professional advice because superannuation is complicated and your accountant can guide you towards making the best decisions.

Fees: Look very carefully at the fees that your super fund is charging you! Exhorbitant fees can eat away a big portion of your savings

Changing funds: It is not advisable to change funds based on returns from previous years. To get an accurate picture of a fund’s performance you should look at a period of at least ten years (there are a lot of one offs when it comes to annual returns).

Options: You should take an active interest in how much of your money is invested in growth and defensive asset classes, and this should change according to your age and personal circumstances.

Top up: Make regular salary sacrifices into your superannuation. Even small super tops-ups can make a big difference down the road once compound interest has worked its magic.

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