If you’re under 40, chances are you’ll skip this section because you think you’re too young to have to worry about it. But if you’re here, congratulations, you are one step closer to making the most of the money you earn today so it can help look after you when you retire.

And have no doubt – you will want to stop working one day. And the pension by then may only be enough to cover a few bills and the odd coffee. No world tours or cooking classes in Tuscany on the pension that’s for sure!

So, here are some basics for those who’d rather not think about retirement and super.

(1) Find out the name of the company who manages your super fund and contact details. Also check the lost super resigter at www.ato.gov.au/superseeker.

(2) Get your membership details and learn how to look up your account balance. You might think your super is a long way away, but there it is in an account with your name on it and essentially, your money.

(3) When you stop working, you’ll largely be relying on that money to live off. Is there enough there? Will there be enough when you’re over 65? Work out how much you will need to live, taking into consideration the type of lifestyle you are working towards. As a starting point, go to www.fido.gov.au for an idea about the lump sum you’ll need in your fund to generate your desired level of annual income.

(4) Phone an investment advisor at your super fund and see what basic info they can give you.

(5) You can chose to be more or less active with your super, but at a very minimum, now that you know the name of your fund, your account number and balance, make a date to check in once a year to see how it is going.

Remember: even increasing your contributions by a small amount can have a significant impact on your lifestyle later in life.

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