Ways to kick start your superannuation this MoneySmart Week #SortYourSuper

By Rebeccah Elley ·

With the cost of fees attached to several super accounts eroding final retirement savings by tens of thousands of dollars and only 5% of Aussies confident they will have more than enough savings for retirement according to the latest MLC Wealth Sentiment Survey, MoneySmart Week is the perfect time to ramp up your super savings.

NAB general manager Paul Fog said you can make a difference in just one week by focusing on getting the basics right. “The most important thing to remember is that planning ahead, and setting aside even a small amount extra on a regular basis, can make a big difference to your retirement down the track."

Here are NAB’s top tips for kick starting your super in just one week:

1. Consolidate your super into the right fund

Many people have multiple super funds for each job they’ve held, which is ineffective and often expensive. Consolidating your super savings into one fund which meets your goals and objectives will prevent you paying extra fees and make it easier to keep track of your assets.

2. Track down lost super

Australians often lose track of superannuation when they change jobs. Using the ATO's SuperSeeker website to search for any unclaimed super is an easy way to track down savings that are rightfully yours, and from there you can contact the relevant fund to have your savings moved into your new single super account.

3. Set a plan to start actively saving for retirement

Setting a plan to start putting away even a small amount of money regularly can make all the difference at retirement time. For example, to save on tax and top up your super consider salary sacrificing funds in a pre-tax contribution. Alternatively, if you earn under $49,488 pa you could look at making a non-concessional after-tax contribution to your fund to qualify for the federal government's co-contribution scheme.

To see your cash stash grow head on over to Mozo's term deposit section or savings hub here.