If you’re about to start a new job or already working, you might already know your employer has to make contributions to your super on your behalf.
What you may not know is that you can choose which super fund your hard-earned dollars goes into. That being said the choice you end up making can make a difference to the lifestyle you’ll lead in retirement.
Let us discuss the key points to consider when choosing the right super fund for you.
The main options are typically:
- Your employer’s default fund
- A retail fund
- An industry fund, or
- A self-managed super fund.
When considering which super fund to choose, consider.
- The fees and charges of the super funds.
- What investment options are offered in the super funds
- The features and benefits the super fund provides, such as the type of insurance offered.
Other things to remember when choosing your super fund:
- Past performance doesn’t necessarily guarantee future performance. In other words, a super fund that generated high returns yesterday may not generate high returns tomorrow.
- Your individual circumstances will influence which super fund and what features you choose.
And finally, let’s not forget about consolidating your super.