This time of year – when we forget the days of the week and our skin smells of salt from swimming at the beach – is lovely. But the holidays are also a great opportunity to do something few of us actually do.

And it could make you much richer in retirement.

A super summer

The Super Members Council (SMC) is nudging Aussies to use the holiday break to check in on their super.

Why? Because people who actually look at theirs are far more likely to grow their retirement savings – and feel better about their future while they’re at it.

Superannuation is one of those things that feels like it takes care of itself – it’s compulsory, after all – so it often fades into the background of our busy lives.

This is especially true for young Australians, who have never known a time without compulsory super; it’s been around for 30 years now.

Of course if you pay your own contributions as a business owner or sole trader, then super may not be on your backburner at all. Unless it is … and you know need the reminder, too.

So here it is:

Giving your super a little attention from time to time, can really supercharge it.

According to the SMC research, young Australians who keep their super in mind are up to six times more likely to boost their retirement savings.’

Six times.

Super matters, more than we realise

For most Aussies, super is the biggest investment they’ll ever have. In fact, 80 per cent of us say it will be critical to our retirement.

In good news, the SMC says 64 per cent of Australians believe the super system works well for them.

And with the Super Guarantee rising to 12 per cent, Aussie super balances are growing – fast. For the first time ever, 50 per cent of us feel confident we’ll have enough saved for retirement.

Still, that’s only half the workforce – which is why it pays to think about your nest egg.

“The more you think about your super, the more likely you are to do something that could boost your savings and help you live the life you want in retirement,” says SMC Acting CEO Georgia Brumby.

“Super is a long-term investment – so the earlier you engage, the bigger the payoff.”

How to maximise your super

Take a few moments this summer (maybe while scrolling on your phone poolside) to check your super is in good shape.

The SMC suggests you:

• Check your super is being paid: Unpaid super affects one in four workers each year, costing a total of $5 billion. Gulp. A quick check with your super fund can confirm you’re receiving the entitlements you’re owed.
• Consolidate: Have more than one super fund? Rolling them into one can help you avoid duplicate fees and unnecessary insurance costs. It also makes your super easier to manage and helps maximise its growth potential.
• Redeem lost super: You can track down any lost super using tools on the Australian Taxation Office website.
• Check your fund’s performance: Make sure you’re with a strong-performing super fund. “Investment returns after fees are the most important metric,” says the SMC. The ATO’s MySuper comparison tool can help.
• Chip in yourself: Consider making extra contributions. A 30-year-old on average wages who salary sacrifices $20 a week could retire with $67,000 more, and enjoy a tax saving now.

So this summer, take Brumby’s advice:

“Don’t just soak up the sun – soak up your super. A little engagement now can make your retirement sizzle later.”

Because the truth is, super shouldn’t be in the background of our lives all the time. Occasionally we need to put it at the forefront of our minds and give it a health check.

It’s your money, and your future, after all.

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