Confused about super? Here's a simple guide on what you need to know

Remember back to when you first got that new job. 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 Try to use the same start and finish dates for each fund 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's usually a percentage based fee Indirect costs This is for costs your super fund pays to external providers 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. 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. 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 than buying it separately The money comes out of your super, so there is no cash payment needed 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 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, 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.