Welcome to our second instalment of #BarefootWithFrollo – we’re going to tag along again (without being the third wheel, we promise!) to your second date night – sorting out your Superannuation.
There is a lot of great advice in this chapter – Superannuation is one of the most confounding yet important aspects of our financial lives, and Scott does a great job of highlighting the issues and what you should do to put yourself back in control!
Make sure you bring Frollo to your second date – because you might be surprised to learn that you can use our app to link your superannuation accounts. We support most of the major super funds and many of the smaller ones too – just open up Frollo and login as you would with other bank and credit card accounts.
If you don’t have your online super account details – don’t worry, head on over to the website of your fund, and then click on Login. On this page there is usually a link to register for the first time – just have your latest statement or account details handy.
Link up all your accounts, especially if you are like most Australians and have accumulated more than a few super funds in your working life!
Tap on your super account and you will see that Frollo has automatically categorised your fees and charges for you! You can then work out for each account what your fees are as a percentage of your overall balance.
(Scott suggests you should be charged less than 0.85% per annum, and stay tuned we’re going to automate the calculation for you in the coming days!)
Next, head over to ASIC’s MoneySmart website, which has a great summary of the different kinds of fees and comparison tools to help you workout if you’re being taken for a ride.
Likewise, see the MoneySmart explainer on what to do if you need to consolidate your super from multiple accounts.
Above all – don’t put off taking action! Using the guide and tools above it is easier than ever to setup a better super account, and as Scott says, even a small % difference in fees will make a huge difference by the time you retire.