Wake Up to Your Wealth: Why It’s Time to Understand Your Super

Have you ever had that moment where you suddenly wake up and realise you’ve been sleeping on something important? That’s how many Australians feel when they finally understand the true power of their superannuation. It’s not just a boring account for retirement – it’s your money, growing in the background, shaping your financial future. April is the perfect time to awaken to the role super plays in your life, so you can take control, make smarter decisions, and build a more secure tomorrow.

1. Know what you have

Start by logging into your super account. Check your balance, your investment strategy, your annual return, learn about the fees your pay and your insurance cover. If you have multiple accounts, consolidate to avoid unnecessary fees.

2. Understand how it works

Super grows through employer contributions, personal contributions, and investment earnings. Learn about concessional vs non-concessional contributions and how tax advantages can help you boost your savings.

3. Review how your super is managed

You generally have two main options:

Retail/Industry Funds:

These are managed by professional investment teams. You probably have your super with one of those funds because your employer set you up with them. These funds offer a range of investment choices based on your risk profile. However, you can not choose where to invest.

Self-Managed Super Fund (SMSF):

For those who want more control, SMSFs let you make investment decisions (like buying property, shares, gold or crypto). It comes with greater responsibility, but also flexibility. If you want to be successful in it, you will need an SMSF expert to guide you through the process and educate you on how to run your own SMSF.

Choosing the right path depends on your lifestyle, financial goals, desire for involvement and right choice of the adviser. If you’re not sure which option fits you best, speak to a professional who understands both

4. Ask for help

You’re not expected to figure it all out on your own. A licensed financial adviser or SMSF expert can help you navigate your options and align your strategy with your future.

Awakening to the power of your super can be life-changing. It’s not just about retirement – it’s about using every resource available to live the life you want. Start today. Check your super balance, do your research, find a professional, ask questions, and take charge. Your future self will thank you.

“Your super is your superpower.” – Natalia Clack