Hey guys! I've only found steemit recently but already love the concept and wanted a way to share some posts to help people where i can or just for a bit of fun.
My first steemit is taking a general focus on superannuation as a whole in Australia as that's my primary industry. The fact is most people especially younger people simply don't care about this asset and see it as something they'll get at retirement... Which is what it is but it can benefit you now and later!
(1) Managing your costs.
Not all super funds have high fees! It's a good idea to be wary of ones with flat dollar fees eg: $50 per month for administration. This can really hurt small balances especially if returns have been poor.
It is normal to see investment and administration fees for super funds. Don't solely pick an investment option based just on a low fee.
It's most common to see balances get eaten up by automatic insurance premiums more than anything. Don't get me wrong everyone should have some kind of insurance but if you've got multiple funds do you really need multiple policies? A lot of funds also have occupational ratings which allow people to answer some questions and if in a low risk occupation potentially reduce their premiums. That's probably you mr office worker!
(2)Forced Contributions.
Being made to contribute into your own super as part of your working arrangements? People in government jobs tend to have this. It might be worth looking at salary sacrifice and if you can do it for these contributions to potentially pay less income tax on those forced contributions.
Alot of super funds will provide free personal advice on whether this is beneficial for you or not as part of your membership.
(3)Consolidation.
Got multiple funds? We all have at some point. Consolidation can be a great way to reduce costs and increase returns and is easy to do (tip you can even do it through the ATO site). Don't know which super fund to go with or how to compare? Use an independent comparison tool i like to use www.superratings.com.au they put the funds up side by side to make it as clear as possible!
Super is my passion and I'll occasionally post up some hopefully helpful tips but always do your own research!!!
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