Remember back to when you first got that new job. Your first thought probably isn't all those forms you signed before you started.

But what if we told you that one of those forms could have major implications for your life: your super account.

At the time, you might have just signed on to whatever superannuation fund your employer recommended. And maybe you've done that for every job you've held since.

That was the case for 24-year-old Bridget Firth, until she started at her latest part-time job in customer service.

It was then she realised she already had three different super accounts from all the casual jobs she'd had since she was 16 years old.

"Obviously I knew it was best to have them all in one account but trying to figure out which one was best was way over my head," she told the ABC.

"I was like, 'this is hopeless, I have no idea.'"

So she asked her Mum for some advice, but she didn't know either.

"I tried really hard to compare fees between the three super accounts, but it was really difficult — a bit like apples and oranges in some cases," she said.

"Every other term I was having to look up what it meant, and in the end, I just went with the super my current employer offers just because it seemed the most convenient."

So we've asked some experts about how to compare funds and some tips for trying to work out what's best for you.

Where do I even begin?

Experts say you should also talk to family, friends and colleagues about what funds they're in. ( Unsplash: Mimi Thian )

The first step is to check in with your employer.

While most of us can choose our own super fund, some workers who are covered by industrial agreements and members of defined benefit funds don't have a choice of super funds.

For example, a defined benefit fund is an employer-sponsored fund where your benefit is calculated by several factors — including years of service and salary.

Independent financial planner Olivia Maragna says it's also worth checking whether there are any extra benefits in choosing a particular super fund.

"Some employers will help subsidise fees or insurance premiums and so forth," Ms Maragna said.

Martin Fahy, chief executive of the Association of Superannuation Funds of Australia, says you should also talk to family, friends and colleagues about what funds they're in and what experiences they have.

Most people will typically be looking at retail or industry funds. Mr Fahy suggests you should narrow down your focus to between three to five options to take a closer look at.

Once you've narrowed down your options to a few funds to compare, the main things to look at are performance, fees and insurance.

Type of fund MySuper Default funds you are placed into if you don't choose a fund. They offer lower fees and simple features. Retail fund These are usually run by banks or investment companies and often have a large number of investment options. The company that owns the fund aims to retain some profit. Industry fund Industry super funds were predominantly developed by trade unions to provide for their members in retirement. They usually have a smaller number of investment options and are 'not for profit' funds, which means profits are put back into the fund for the benefit of all members. Public sector fund These funds are mostly for federal and state government workers. Some employers contribute more than the 9.5 per cent minimum. Profits are put back into the fund for the benefit of members. Corporate fund This is a fund arranged by an employer for its employees. Some are run under a board of trustees or may be included as a separate part of a large retail or industry super fund. Self-managed super fund This is when you manage your own super privately. Each fund can have up to four members and are responsible for decisions made about the fund. Set up costs and annual running expenses can be high, so it's most cost-effective if you have a large balance. Defined benefit fund Typically they are public sector funds and many are now closed to new members. The value of your retirement benefit is calculated on how long you have worked for your employer and your salary when you retire, among other factors. Some of these funds are very generous. Source: ASIC

Then look at comparing different funds for performance

Obviously, you want your fund to be performing well because it will affect how much money you have to retire on.

Super is a lifetime investment, so it's important to take a long-term view. ( Unsplash: Harli Marten )

Super is a lifetime investment, so it's important to take a long term view. But no-one can reliably predict which fund will perform the best in the future, so it can be useful to look at past data as an indicator.

Mr Fahy says you can use comparison websites (such as SuperRatings, Chant West and Morningstar), which will show how funds have performed over the past 10 to 15 years.

Most super funds let you choose from a range of investment options, depending on how much risk you are willing to take.

"What you'll see if you look at these comparison sites is the typical returns the top 25 funds have been generating," Mr Fahy said.

"And if you get your annual statement and compare it to that you'll get a sense of where you are if you're in the top half of fund performance."

This is where it can get a little tricky because you'll need to compare each investment option separately and sometimes super funds can have slightly different names for them.

Essentially, there are three types of investment options:

A 'growth' option usually has the highest return, but the highest risk. It invests most of your money in shares or property

A usually has the highest return, but the highest risk. It invests most of your money in shares or property A 'balanced' option has slightly fewer investments in shares and property and a little bit in fixed interest or cash-based investments. It aims for reasonable returns, but less than growth funds to reduce the risk of losses

A has slightly fewer investments in shares and property and a little bit in fixed interest or cash-based investments. It aims for reasonable returns, but less than growth funds to reduce the risk of losses A 'conservative' option has a small amount of your money in fixed interest or cash-based investments, and a smaller amount in shares and property. It aims to reduce the risk of losses and therefore has lower returns over the long term

To give you an idea of how these compare, SuperRatings has had a look at the median for each growth option over the past 10 years to 30 June 2019 (annualised figures), and it found growth funds were 10.4 per cent, balanced funds were 8.6 per cent and conservative funds were 7.2 per cent.

Overall, the difference between the best and worst-performing options was most for the growth options, at 3.4 per cent.

Doing your research could translate to thousands of dollars

Want to spend your retirement enjoying life rather than worried about money? ( Pexels )

The lesson here is that usually more conservative options have a lower risk but lower returns, and a higher growth option will have a higher risk and usually higher returns over the long term.

For example, if you've got say $50,000 in super, after 10 years at the median result for all growth funds (so 10.4 per cent), you would have $148,828, according to ASIC's MoneySmart calculator.

But what if you're in a poor performing growth fund? Let's assume you're only getting 8 per cent, after 10 years that same $50,000 would become $110,982.

That's a difference of almost $38,000.

Mr Fahy says typically when people are younger, it's best to invest in growth options and if you're close to retirement, to be more conservative.

"Over a 40-year period if you go high risk, high growth early on, yes you'll have some down years potentially but the up years will carry you through," Mr Fahy said.

"And it means that over the length of the investment your returns will be generally higher than if you're in a conservative option over your whole life."

Ms Maragna says you can also ring the fund directly and ask about its performance, but it's key to compare the same investment options.

"I think this is really hard for anyone," she said.

"Super funds are not all the same. They're not made up of the same investments, so trying to compare makes it near impossible to the average Australian to look at."

But if you want to give it a go — the first thing to check is what investment you're currently in, whether it's right for you and how your fund is comparing to others in that option.

Tips for super:

Unsure where to start when it comes to choosing a super fund? You're not alone. ( Unsplash )

Look at the fund's performance after the impact of fees and taxes

Look at the fund's performance after the impact of fees and taxes Compare like with like and look at what the fund is investing in (e.g. shares and property, cash and fixed interest)

Compare like with like and look at what the fund is investing in (e.g. shares and property, cash and fixed interest) Try to use the same start and finish dates for each fund (performance will differ)

You should also compare each fund on their fees

According to the Productivity Commission, fees can be "the biggest drain on net returns," with Australians paying over $30 billion a year in fees on their super.

It says an increase in fees of just 0.5 per cent can cost a typical full-time worker about 12 per cent of their balance (or $100,000) by the time they reach retirement.

The fees charged by your fund are either a dollar amount (fixed) or based on a percentage of your balance — earnings or both — and are deducted from your super balance.

You can look up your fees on your annual statement or in the product disclosure statement, which is information provided your super fund.

"So obviously less is better — typically on a basic fund you should be paying around 0.6 per cent," Mr Fahy said.

"If you're paying more than 1 per cent you should think about what that is and if you're paying more than 2 per cent, well that's pretty expensive and it needs to be a pretty extraordinary fund."

Here's a breakdown of the different fees

Types of fees Definition Administration fee This fee covers the cost of operating the fund and is usually a flat dollar-based fee Investment fee Fees for managing your investment, which can vary depending on which investment option you choose. It's usually a percentage based fee Indirect costs This is for costs your super fund pays to external providers (like investment managers) Advice fees Fees for personal advice provided about your super Switching fees Fees for changing your investment option within the fund Buy/sell spread fee You may pay this every time you make a transaction such as making a contribution, switching and withdrawing Insurance premium This is for the cost of insurance provided through your super fund Exit fees A fee for leaving the fund. These fees were banned as of July 1, 2019 Activity-based fees Only charged if the fund provides you with a particular service. For example, a family law split fee is charged for splitting your super following a separation Source: ASIC

Don't forget to look into different insurance options

Insurance is offered as part of most super funds and roughly 70 per cent of Australians get their life cover this way.

In most cases, you're defaulted into paying premiums and these are deducted from your super account balance. It's usually a cheaper option than buying it outside super.

And it's worth looking at the product disclosure statement to make sure it's enough cover for you.

Mr Fahy said people in specialist occupations may only be covered through their industry's insurance. ( Pixabay: Michael Gaida )

But from October, if you're under 25 or your balance is under $6,000 you'll need to opt-in to get insurance — and inactive accounts will have their insurance cancelled.

There are typically three types of insurance included as part of super:

Life insurance (or death cover) : Money paid out when you die to the people you list as your beneficiaries

: Money paid out when you die to the people you list as your beneficiaries Total and permanent disability cover: Receive money if you become seriously disabled and are unlikely to work again

Receive money if you become seriously disabled and are unlikely to work again Income protection cover: An income stream for a specified period if you can't work due to temporary disability or illness

ASIC's MoneySmart has a calculator to work out how much coverage you actually need.

Ms Maragna says it's also important to chat with your partner or family about worst-case scenarios.

"You need to run some worst-case scenarios, [for example] what would life look like if one person would pass away?" she said.

"What would happen to the surviving partner? And would they have enough to live?"

"The main thing I'd look at with insurance is payout ratio — so, how much insurance is actually paying out? how much underwriting are you doing at the start?"

Mr Fahy said people in specialist occupations may only be covered through their industry's insurance.

"If you're in a hazardous occupation you may want to align your superannuation to that occupation," he said.

"Some occupations are uninsurable outside super, people who work in emergency services, hazardous occupations may find it difficult to get reasonable insurance cover.

"[That's] something to bear in mind for people in specialist occupations."

What are some costs and benefits to insurance?

Some funds automatically provide life insurance without a health check. ( Unsplash: Rawpixel )

The benefits of getting life insurance through super:

Super funds buy the insurance policies in bulk, which means it's usually cheaper than buying it separately

Super funds buy the insurance policies in bulk, which means it's than buying it separately The money comes out of your super, so there is no cash payment needed

The money comes out of your super, so there is needed Some funds automatically provide cover without requiring a health check

And these are the potential downsides:

The types of insurance offered is limited, and often not tailored to your circumstances

The types of insurance offered is limited, and often If you have multiple super accounts, you may be paying premiums on multiple policies , and you may only be able to claim on one policy

If you have multiple super accounts, you , and you may only be able to claim on one policy Life insurance often ends at age 65 or 70

or 70 Super doesn't automatically flow to your estate after you die. So you'll need to make a binding beneficiary nomination to decide who gets your benefits when you die

Super doesn't automatically flow to your estate after you die. So you'll need to make a binding beneficiary nomination to decide who gets your benefits when you die With the premiums being deducted from your super balance, it reduces the money available for your retirement

And don't forget to check in regularly

So now you've got the lowdown on your super, experts say you should check it out at least once a year.

Mr Fahy says check your employer is paying at least 9.5 per cent into your account and that you're receiving it in a timely fashion.

"I guess the message is: get a bit more serious about your super," he said.

"It's your money."

Are you a woman who needs help to manage your money?

We know you have unique challenges as overall, research has shown that women:

Earn less than men

Earn less than men Have less superannuation

Have less superannuation Are more likely to have career breaks

Are more likely to have career breaks Have lower levels of financial literacy

It's time to change things. We want to help you to become more confident about money and have the skills and information you need to shore up your financial future.

So let's do it together.

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