Super is one of your most valuable assets. Whilst it may appear complicated, super is simply a way to build up savings for your retirement.

Follow this simple checklist:

Starting out

Start early. The sooner you starting putting money into super, the sooner you will start earning interest. The power of compounding interest means that the earlier you start the more money you can accumulate.

Make regular contributions. A regular contribution to your super, no matter how small, will make a world of difference. Especially if you are at the beginning of your career and a low-middle income earner, if you can take advantage of the Government Co-contribution scheme, you are in luck! The Government will contribute $1.00 for every $1.00 extra you save. Of course conditions apply, read all about Co-contribution at www.ato.gov.au.

Invest for the long term. Retirement is a long way off for many, this means investing in a long-term strategy that suits you.

Starting a family

New spouse, new address, and even new additions to the family? While you are going through these major changes in life, be sure to update your super.

check that your investment profile still suits your lifestyle
check that your beneficiaries are up to date
check your contact details
check your insurance coverage, and if you have income protection

Career change

Thanks to Choice of Fund which came into effect this year, a career change doesn't mean you need to open a new superannuation account. Ask for a 'Standard Choice Form' from your employer, and nominate to stay with your current superannuation fund for your new employer's contributions.

check that your superannuation contributions are going to your chosen fund
check that your investment profile still suits your lifestyle
check your contact details
check you insurance coverage is still appropriate, and if you have income protection

Approaching Retirement

If you are approaching retirement, speak to a Financial Planner and learn which retirement products suit you. Careful planning can ensure you make the most of your retirement, and are prepared financially.