If there was a universal superannuation fund where we all had a set amount of employer contributions placed at the same interest rate, the industry would certainly be a lot less complicated for the individual worker to decipher.
But this is obviously not the case and as such it is crucial for all Australian adults to have a relatively solid understanding of how super works - and what some of the key factors are to bear in mind on the search for your ideal fund.
Firstly and perhaps most importantly you need to consider whether holding multiple super funds in Australia is having a negative impact on your long-term savings.
Due to a combination of fees and taxes being piled on top of each other - accumulated over the course of your working life every time you change jobs - your retirement nest egg is likely to be suffering.
By consolidating your super accounts into one efficient fund you can potentially save a significant amount of money in the long run.
Not only might you save on fees and charges, but the entire process becomes much easier to manage and lets you keep track of your progress.
A financial adviser can help you select an investment strategy and asset allocation that fits with your stage of life, future goals and level of risk tolerance.
Rolling your accumulated cash into a single fund also comes with the added benefit of finding some of your lost super that you may not have even be aware about.
With independent expert advice you might be able to make a super decision now that proves extremely valuable upon retirement.
