Superannuation is

brilliant!|

Seriously.

We're really lucky to have an excellent retirement system in Australia and super truly is a world leader, not least because it's compulsory.

If you're earning super, it's in your interest (ha!) to make the most of it. After all, it's your money. Even if it doesn't feel like it sometimes, such as when retirement may be decades away.

But - and it's a big BUT - making voluntary contributions is not a one-size-fits-all thing. Yes, we're willing to die on this hill.

More on why we say that below.

Make the most of what you've got

No matter how much super you're earning, it pays (ha!) to check your super is doing the best it can:

Roll 'em up

Most funds charge a monthly admin fee, so more funds = more fees. Consider rolling them together, making sure you've checked impact on benefits and insurance first.

Know your fees

Paying excess fees is a quick way to waste your super. Check your super fund's fees are competitive via the ATO's YourSuper tool for free.

Check your insurance

Lots of people pay for insurance via super. Common options are life, total permanent disability and income protection. Check you've got what's right for you and you're not overinsuring.

Know your investment mix

Within super funds, there are different ways to invest your money. Choose an investment mix - the % and types of shares, bonds, cash etc - that's right for you.

"Your FI fund uses savings to buy assets that will fund you when you can't work. Government-controlled retirement funds do exactly the same thing. They just lock up the money so you can't touch it till you reach a specified age."

Lacey Filipich, Founder and Author of Money School

Excerpt from 'Money School: Become financially independent and reclaim your life'

Learn about superannuation

Understanding how super works and how to make the most of it is a worthwhile investment (tee hee!) for Aussies:

Voluntary super

Are extra (voluntary) superannuation contributions the best decision? Find out in our blog.

Super vs Mortgage

Should I pay more off my mortgage or make extra superannuation contributions? Let's find out.

Self-managed super funds (SMSFs)

Do you really need a Self-Managed Superannuation Fund (SMSF)? Here's the benefits and challenges.

Listen: Podcasts

Lacey speaks about super and retirement funds regularly on radio and podcasts.

Read: Articles

Check out our articles for outlets like ABC and Kidspot, along with our in-house blogs.

Get the book

Money School's international award-winning book goes into how superannuation and retirement funds work.