Making the most of your super--whether you're just starting out or approaching life after work.

• Jurisdiction: Australia
• Date: 01 June 2013

[ILLUSTRATION OMITTED]

You may feel like you have no control over your super--but even small steps now can transform your future. And with compulsory contributions (paid by your employer on your behalf) increasing gradually from 9% to 12%, starting 1 July 2013, it's more important than ever to take an interest in your super. It's your money, for your future.

Follow these seven steps to find out how your super stacks up and how you can make a positive impact on your balance.

1. Will you have enough for a comfortable retirement?

   Think about your current income and expenses. According to the Association of Superannuation Funds of Australia (ASFA) Retirement Standard, the average single retiree needs around $41,169 per year to live comfortably, while retired couples need about $56,317 per year *.

   At about $21,020 per year for singles ($808.40 per fortnight including supplements) and $31,700 per year for couples ($1,218.80 per fortnight including supplements), the current Age Pension simply isn't going to cut it for most (^).

   If you want to enjoy your retirement, you may need more than the Age Pension. That's where your super comes in.

   * Source: The Association of Superannuation Funds of Australia Ltd (March quarter 2013).

   (^) Figures effective 20 March 2013.

   Will you have enough?

   Many super funds have online calculators to help members understand bow their super is tracking for retirement.

   Visit your fund's website now to catch a glimpse of how your super's likely to look when you need it.

   [ILLUSTRATION OMITTED]

2. How to boost your super

   Making sure your super account is in the best shape possible is one of the first steps to boosting your super. Consolidating your old accounts, making sure your information is up-to-date and supplying your tax file number (TFN), will help ensure you're not paying more than you have to in fees and taxes.

   Get it together--consolidate your super

   Many of us have changed jobs at some stage or another. Did you take your super account with you to your new job? Many don't--super just wasn't on their radar at the time.

   But having multiple super accounts means paying multiple fees. Never mind the effort and paperwork involved in keeping track of numerous accounts!

   Why let your hard earned cash go to waste, when it could be working toward securing your future?

   Every cent counts--by consolidating your super you can avoid paying unnecessary fees and costs and ensure your super is working for you.

   Ready to consolidate?

   If you think you may have more than one super account, you can visit ato.gov.au/superseeker to find out.

   Of course, before you decide to roll your funds into one fund, it's important to compare each fund and ensure the one you choose is right for you. Look at all fees and other charges that may apply when you leave a fund, including exit fees. Funds also differ in the insurance cover and investment options they offer. You should also take into consideration the long-term investment performance of the fund when making your decisions.

   Don't lose it--find your lost super

   Are you one of the many Australians with lost super? Pay a visit to ato.gov.au/superseeker--it's a secure online tool that helps you keep track of your super.

   You can use SuperSeeker to:

   * check your current super accounts that money has been paid into in the last two financial years

   * find lost super--there are billions in lost super, see if some of it is yours

   * find super held at the Australian Tax Office (ATO) --if the government, your super fund or your employer can't find an account to transfer your super to, the ATO holds it on your behalf

   * transfer your super to the super account you want to keep.

   To access these services, the first thing you need to do is register online with the ATO. This is an important security measure to protect the personal information displayed. It also helps to ensure that any transactions are made by you. Registering online will give you access to your super information 24/7.

   Build it--contribute a little extra

   Every little bit extra you contribute to super, goes toward helping ensure your retirement is as comfortable as possible. Even putting an extra $20 a week into super, can improve your retirement.

   If your employer agrees, before-tax contributions can be made in the form of a salary sacrifice. Or, you can arrange to contribute extra from your after-tax pay.

   Depending on your fund, you can put extra into super by:

1. setting up ongoing direct debits from your bank account

2. arranging regular contributions to super with your employer--they'll deduct it direct from your pay

3. making contributions directly with your fund whenever you can--you may be able to do this online or using a deposit slip.

   After-tax contributions

   After-tax contributions can be paid into your account from your after-tax income (e.g. salary or pay), your savings or from a lump sum (e.g. tax refund or inheritance).

   It can be hard to save money, but if you set up a regular deduction from your pay, which your employer pays directly into your super account, you may not even miss the cash.

   Plus, after-tax contributions could net you a government co-contribution of up to $500 (described on page 28).

   [ILLUSTRATION OMITTED]

   How much can I contribute?

   Each year you can contribute up to $150,000 of after-tax earnings to your super. If you're under 65, you can roll forward three years' contributions into one year, to allow a maximum of $450,000. These contributions do not...