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Superannuation <\/a>is a fantastic tool to help build wealth, financial security, and set you up for retirement<\/a>. But it’s very easy to get it wrong. Even small oversights can end up costing you a fortune down the line.<\/p>\n Here are 8 common superannuation mistakes that Aussies are making. <\/p>\n 1. Staying with an underperforming superfund <\/p>\n One of the worst superannuation mistakes Australians make is sticking with a poorly performing fund. It might be too difficult or too time-consuming to shop around, but the reality is that sticking with an underperformer can cost a fortune.<\/p>\n Recent data from finder.com.au<\/a> shows that around 6.2 million Aussies didn’t know their superannuation fund was underperforming. Finder’s superannuation expert Alison Banney said “if you’re not monitoring your super’s performance, you could be leaving the equivalent of an entire year’s salary \u2013 or more \u2013 on the table by the time you retire”. She warns that the difference between an average superannuation fund and a top-performing one can be the difference between scraping by in retirement and living comfortably.<\/p>\n 2. Sticking with the default super fund investment option <\/p>\n Default superannuation investment options are generally designed to benefit a range of investors, from those starting their first job to those nearing retirement. After all, it is a long-term investment. But the problem is that what is considered balanced for one person doesn’t apply to the next.<\/p>\n Growth assets might be more appropriate for Aussies with time to ride out any market fluctuations, such as\u00a0good momentum stocks like\u00a0Droneshield Ltd\u00a0(ASX: DRO<\/a>) or\u00a0Zip Co Ltd\u00a0(ASX: ZIP<\/a>). <\/p>\n But those closer to retirement might be more suited to stable assets that can weather a last-minute share market crash<\/a>. Dividend-paying shares<\/a>,<\/a>\u00a0such as\u00a0APA Group\u00a0(ASX: APA<\/a>) and\u00a0Wesfarmers Ltd\u00a0(ASX: WES<\/a>), are also a great option for retirees who want to benefit from\u00a0additional passive income. <\/p>\n 3. Not consolidating your accounts <\/p>\n Around 4 million<\/a> Australians have more than one superannuation account. This means they’re probably paying more in fees and likely doubling up on insurance payments as well. Owning multiple funds also makes it more difficult to keep track of and manage your super. Make sure to consolidate.<\/p>\n 4. Setting up an SMSF <\/p>\n Setting up a self-managed super fund (SMSF)<\/a> is a fantastic idea\u2026 for the right person. For Aussies with a low balance<\/a> (generally below $200,000) or close to retirement, it’s not a financially wise move. SMSFs come with higher fees, and you’re personally responsible for remaining compliant.\u00a0<\/p>\n 5. Not contributing enough <\/p>\n