Neale Prior's Superannuation Tips

1 - Find a super fund with the best insurance options for you. Make sure you're covered for life insurance, income protection insurance and total and permanent disability insurance.

Neale says: "To me the insurance is very important. Some superannuation funds have terrible insurance. Some super funds - both privately run and industry funds - have outstanding insurance. And that insurance can be the difference between your partner being terribly sad when you die, or being utterly miserable and destitute."

2 - Merge your funds into one. The more super funds you have in your name, the more money that's slowly bleeding out of your retirement fund.

Neale says: "What you pay in one lot of fees, you've got everything in one place. You know where it is, you pick the best one, you get the best insurance in it, and you're setting yourself up for a good life."

3 - If you're getting into your super when you're young, you can take some investment risks. Your fund may already have your super set up to move your super into less risky investments as you get older. It's a good idea to ask your fund about what you're investing in, and take a chance with something riskier if you have time up your sleeve.

Neale says: "The older you get the more careful you need to be. You can't play the market if you're 65 and going to retire next week. You can't have 100 per cent of your money in shares. But when you're young you've got fifty years to recover from market downturn."

4 - Add some extra money when you can; top up your super. You'll thank yourself in fifty years' time!

Neale says: "There are numerous ways to put extra money in to your super. You can actually salary sacrifice from your pay. It's an effective way of actually boosting your savings."

5 - Plan as though you won't get a pension. The retirement age has just been increased and our politicians are looking for ways to rein in the Federal Budget. There's no way of knowing what the pension situation will be in 2064, but if you plan for your retirement as though you won't get a pension you'll be covered no matter what happens.

Neale says: "The federal government can't afford to keep on paying massive pensions forever."

Finally:

Neale says you're responsible for your own future. Your fund can give you basic advice but it's up to you to stay on top of finance news, ring around, look at the markets, and do your own research.