Jac Phillips from ANZ Financial Planning talks about how we can become more familiar with our superannuation.

I recall being told at the ripe old age of 20 I could no longer have a cheque book, as I hadn't quite grasped the concept of putting money into the cheque account before ever so neatly writing out those slender little pieces of bank branded slips. You can imagine their horror when I replied "Fine. How about a credit card then?"

But today I'm much more experienced, more patient. In fact I've just cleared the credit card again after snaffling up those shoes I really did deserve!

All is not lost however, as I have recently become much more aware of the 'S' word. Superannuation.

I now know how much I have (not enough), where it is held, how it is invested and the percentage of returns achieved.

I also know that unless I do something smarter than just contribute the basic 9%, I will be living a very modest lifestyle in my late sixties.

So what is your super situation? Are you aware of your balance? Do you know how much you'll need when you stop working? More importantly, do you know what you can do to maximise what you've got? If you don't know the answers to these questions, then take action today. You're more than capable of handling it.

1. Become a 'super sleuth'.

Speak to your employer to ascertain which fund you're in. Having done this, contact the fund and ask for a statement so you're very clear on how much you have, how it is invested, and check whether this is your only super fund. Consolidating everything into one fund could mean reduced fees. If you've changed jobs in the last 10 years or held down more than one job at the same time, chances are you've got little bits of super scattered everywhere!

To find out, go to www.unclaimedsuper.com.au.

2. Work out how much you'll need to retire comfortably.

Manage your expectations and be realistic about your lifestyle.

According to The Association of Superannuation Funds of Australia (ASFA), the average single person needs approximately $36,319 per year to live comfortably today which means if you leave work at 60 and live until 85, then you may need as much as $908,000 - but that's without taking inflation into consideration and also doesn't take into account the potential earnings on any initial capital lump sum invested over a 25 year period.

3. Maximise what you've got so it grows faster.

Find out if you're eligible for the Superannuation Co-contribution scheme, in which the Government matches voluntary contributions up to $1.50 for every dollar (up to a maximum of $1500).

Find out more about Super Co-contribution

You may wish to consider salary-sacrificing into super - this can help to minimise your taxable income and allows for greater super contributions.

Explore the super contributions splitting scheme, which allows the family breadwinner to direct part of their employer contribution to a super account for a low-earning/non-working spouse.

We can have our cake and eat it too…we just can't have it all today. Remember, for many of us super is our largest saving. It makes perfect sense to make it work for you.

For more information to help you be better off, visit ANZ Financial Planning, or register for an appointment with an ANZ Financial Planner.

This article was written to provide you with information to help you handle your superannuation.

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