Superannuation is the largest long term investment many Australian’s have. However many of us have lost count of how many superannuation accounts we have or where they are, let alone the amount of fees being paid on each account.
There are many ways to ensure your superannuation is growing, and the first step should always be to collate your superannuation funds and move them into the one account. This will ensure you are reducing fees and have knowledge of your super funds and balance.
There are other methods one can utilise to grow their super, one being contributions. Most commonly, contributions are made by you, your spouse or your employer. However you may be able to grow your super by utilising contribution strategies like government co-contributions based on your personal contributions and income or by salary sacrifice contributions, an arrangement with your employer to sacrifice some of your pre-tax salary. You should always seek advice prior to deciding if a contribution strategy is suitable for you.