Australians could be costing themselves up to $50,000 just by failing to check their superannuation accounts. 

Workers could collectively lose up to $52.5 billion in the next decade, according to research conducted by the Australian Institute of Superannuation Trustees (AIST) and finance firm Rice Warner.

‘We want people to realise the money in super is their money,’ the AIST CEO Eva Scheerlinck said. 

‘They should take half an hour every couple of years to work out if it’s right for them’. 

Australians could be costing themselves up to $50,000 just by failing to check their superannuation accounts (stock image)

Australians could be costing themselves up to $50,000 just by failing to check their superannuation accounts (stock image)

‘Individual members who remain in underperforming Choice products could be as much as $50,000 worse off at retirement compared with those who invest their super in a MySuper fund,’ the AIST said in a statement. 

A worker earning a $100,000 annual salary could end up with $50,000 less in their working lifetime if the money was not put in the default MySuper plan, the report said.

This means that the MySuper member could have approximately $503,000 upon retiring, compared to a mere $454,000 if a different super fund was chosen.

This example is based on a 25-year-old worker who will retire at age 67.     

Ms Scheerlinck added that super fund members should also check what fees they are paying into their accounts, according to The Courier Mail. 

Admin fees should be more no more than $2 a week. Workers should also be wary of asset-based fees and insurance cover costs.  

MySuper is a low-cost default superannuation fund initiated by the Australian government, but employees can opt to change their super fund anytime. 

Caution is advised when switching supers, given that different fees could apply. The overall investment return could also vary.  

Workers could collectively lose up to $52.5 billion in the next decade, according to research conducted by the Australian Institute of Superannuation and Rice Warner (stock image)

Workers could collectively lose up to $52.5 billion in the next decade, according to research conducted by the Australian Institute of Superannuation and Rice Warner (stock image)

Workers could collectively lose up to $52.5 billion in the next decade, according to research conducted by the Australian Institute of Superannuation and Rice Warner (stock image)

‘Not all MySuper options are the same and a poor choice could cost you dearly in the long run,’ AustralianSuper group executive Paul Schroder told The Courier Mail. 

Australians are advised to consider investing their money in cash or equities in order to have more options in the long run.

Last month, the Hayne royal commission placed an investigation on industry super funds by looking into its payments to unions and member funds, according to the Australian Financial Review. 

It was also found that invisible regulators and and questionable trustees could have allowed banks to charge its customers with extra fees.  

Read more at DailyMail.co.uk