Super Rules, OK?

Do you rule your superannuation or does it rule you?

It is easy to fall for some myths about your super unless you have some clear thinking about who is in charge. Virtually all Australian employees now have a superannuation account, many have different, even more than they know. We all hope to use to fund our pension this money but unless you for your super then you are in danger of losing some of your money along the way.

Myth number 1.

Someone else can look after my super. Only partly right. It's possible your working life to your super run on autopilot, but you may be in for an unpleasant surprise if you do not keep an eye on your super. Make sure your employer is paying the right amount, and that if your employer goes broke your super is still available.

If you change jobs you must decide whether you want to "roll" of money to another fund. This is especially important if you frequently change jobs. You may notice relatively small amounts spread over several funds, and in each you have to pay a management fee before you earn. Benefit or interest In the long term inflation will eat away at the value of your principle, although the dollar amount remains the same. Many companies offer super consolidate for you. A free service to small accounts Use them.

Myth number 2.

It's not my money until I retire. Dead wrong. It's your money, like the rest of the money in your pay packet. Super funds are providing a service of managing your money until you can open when you retire legally. You have control over it. After July 2005 you have to say about money. More If you are not satisfied with the service you need to tell the service provider. If they can not resolve the issue, you can remove them and put your money elsewhere.

Myth number three.

I do not have to worry about it until I'm at least fifty-something. Not really. Australians live longer and enjoy better health. You will need more money if you want more options in retirement. You will probably need over your super to achieve in your golden years financial independence. The sooner you start the better.

The Australian Government is generously giving away our money to help low and middle income above their super. It is called the superannuation co-contribution scheme. If you or your spouse into account, make sure that you have your share.

Fact number 1.Our superannuation is our money. To look after your super you need to learn about your rights and options. It is a long-term task. You need to get information and advice. Not hurry but soon begins.

Darby Higgs is a Melbourne-based web writer. Read more about how he retired at