If you're still young, with many years ahead yet before eyeing retirement, then your superannuation returns may not be high on your radar.
Or, if you're close to retirement, you may think that any actions you take with your super account now won't have a material impact on the funds you can access once you round the bases on 67.
In fact, new research announced by the Super Members Council (SMC) shows that less than 50% of Aussies check their super performance more than once a year. That's despite 80% saying that their super will be critical to their retirement.
With this in mind, regardless of your age, there are some concrete and simple steps you can take today to ensure you get the most out of your superannuation.
And the difference this could make might surprise you.
How to get the most from your superannuation
According to the Super Members Council, taking these four steps could deliver you a lifetime of benefits.
"Australians understand how important super will be to their future, giving them more opportunity and choice to live the life they want in retirement," Super Members Council deputy CEO Georgia Brumby said.
"But the more you know about super, and the more engaged you are with your super, the better you can make super work for you," Brumby added.
The first step the SMC recommends to maximise the benefit from your superannuation is to ensure that you are being paid all your legal entitlements.
According to the SMC:
Unpaid superannuation impacts one in four workers a year – costing them a total of $5 billion. Check with your super fund either via an app or contacting them directly to make sure you are being correctly paid.
The second step is to put all your superannuation funds into one account. This will cut down on double (or more) fees you'll pay if you have multiple accounts. If you've lost track of your old super accounts or are not sure if you've been paid the right amount, the Australian Tax Office (ATO) has some simple tools to help.
The third step you should take today is to ensure that you are with a top-performing super fund.
"Investment returns after fees are the most important metric in measuring performance. The ATO has a useful comparison tool for MySuper products," the SMC said.
And the fourth step to boosting your superannuation is to try to add a little (or a lot) extra when you can.
According to the SMC:
If financially able to, consider making extra contributions to super; A 30-year-old on average wages that salary sacrifices $20 a week into super has $67,000 more at retirement and gets a tax saving now.