There are many Australian Superannuation Funds to choose from.
There are also substantial differences in the performance and fees charged by the different funds.
A low performing Super Fund with high fees will erode away at your retirement savings, so it is important to compare funds to ensure you are getting a good return.
Luckily, there are a number of websites that compare all of the funds to make choosing a top performing fund much easier.
What to Look For
- Fees – the lower the better
- Investment Options – do the options suit your needs and risk appetite Benefits – what’s included (i.e. allowing additional payments)
- Performance – how has the fund performed over 5 year and 10 year periods Insurance – does the fund offer income, life, or injury insurance and what are the costs Services – does the fund provide additional services (i.e. financial planning)
Selecting Super provides a detailed breakdown of all Australian Superannuation Funds. The Tools section provides a number of useful ways to compare the funds.
A quick Google search will provide many more comparison sites if you feel like you need to further investigate the matter.
What Difference do Fees Make?
Annual fees make a BIG difference. Let’s say for example you earn $75,000 per year for 40 years. Each year your Super Fund provides a 5.2% investment return.
With low annual fees ($500) you will have $427,270 for your retirement.
With high annual fees ($1,500) you will have only $282,857 for your retirement.
Take 15 minutes to compare your Super today. You can thank us later!