So how do you make super work best for you?

For most Australians, superannuation has been a safe and reliable way of building their retirement savings and delivering a secure financial future in their later years. Nothing about the First Guardian debacle has changed that.

However, here are ten things every Australian should know to make super work hard for them.

1.      Understand where you super is. While you may find superannuation boring, take the time to know exactly where your super is and understand how it’s being invested.

2.      If you have multiple super accounts, consolidate them today. This is now made much easier by going onto the ATO website where you can easily join your super accounts together on-line.

3.      Make the effort to understand all the fees and charges that are being applied to your account. If you don’t like what you’re being charged, shop around for a better alternative.

4.      Understand just how much super you should be receiving and make sure it is ending up in your super account.

5.      Take to time to find out how it is invested and don’t stop asking questions until you are satisfied you understand the answer.

6.      If you don’t feel confident making investment choices, find a caring adviser who can help you build a portfolio of solid long-term investments.

7.      Superannuation is taxed benignly so make the most of it. Any super you have is taxed at the benign rate of 15 per cent which is likely to be below your marginal tax rate.

8.      There are additional tax concessions and benefits around super if you or your partner are low-income earners. Just ask your tax agent at tax time.

9.      Remember you can pay for life insurance directly from your super account and the premiums are tax deductible without your super.