Starting a new job is always exciting, but there's more to think about besides making a good impression on your first day.
Regardless of where you're at in your career, focusing on superannuation and retirement strategies is a smart idea. And when it comes to your super, your employer will play a major role.
According to the Australian Securities and Investments Commission, if you're over the age of 18 and get paid more than $450 a month, your employer has to pay money into a superannuation fund on your behalf. These contributions are separate from any you add yourself.
In most cases, you'll be able to choose which super fund your contributions are paid into. Comparing fees, benefits and past fund performance is a good strategy when making your selection.
Keep in mind that if you fail to choose a fund, your employer will be forced to pay contributions into a MySuper account. While this isn't necessarily a bad thing, chances are you'll want to be involved with your own retirement strategy. You can have your employer change which fund it pays into at any time, but you can only make this change once per year.
Changing jobs, changing super
While this may not be an issue when you first join the workforce, chances are you'll switch employers at least a time or two in your life.
This can result in you having more than one super fund account, which in turn could mean you're paying multiple administration fees and contending with more paperwork than necessary.
Additionally, the longer you go with multiple funds, the greater the chance that you might lose track of one and miss out on the money you've earned.
This is why it's a good idea to consolidate your funds and stay on top of any changes that occur when switching employers.