Despite superannuation being a hot topic, it still could be the single most overlooked and misunderstood asset you hold.

If you want to have a fulfilling retirement and a fantastic prime time, super is something you need to understand and get proactive about as early in life as you can. And – because making things about retirement and pre-retirement easier to understand is my gig – today we’re going to unpack the stuff you really should know.

If you feel confused about super, here are three things to wrap your head around.Credit: Simon Letch

1. How to get money into superannuation. It can be tricky to get money into superannuation. But it’s almost always worthwhile doing it.

In the accumulation phase, the most common way we get money into super is through employer contributions. Almost everyone who works in Australia is contributing to their super fund every month at the compulsory rate of 11 per cent. And we pay just 15 per cent tax on these contributions.

Eleven per cent might not seem like much, but it’s a solid amount. The average wage in Australia is now exceeding $95,000, so the average Aussie is contributing over $10,500 per year, many without realising it.

You can add to your 11 per cent, topping up your super with voluntary concessional contributions, of up to $27,500 into superannuation per year, at a cool tax rate of 15 per cent. And, if you don’t use all the cap in a year, you can roll it over for five years.

If you’re not paying attention, I can almost guarantee you won’t be making the most of the opportunities on offer.

The third way to get money into super is through non-concessional contributions, where you can contribute up to $110,000 per year, at your marginal tax rate, up to the $1.9 million cap. And there’s a clever bring forward rule, allowing you to contribute up to $330,000 in one go.

The fourth way is using the downsizer concession. If you are over 55, have owned your home for more than 10 years, and lived in it, you can downsize and slide up to $300,000 to your superannuation, tax-free. Couples can contribute $300,000 per person.