Is it the right super fund for you?

So, you’ve rolled your super funds together. Even the one from that weird job you had back in 1993. That’s great. We’ve covered why having one super fund is so much more beneficial than multiple ones. But if you’ve already rolled your super over…or even if you haven’t, you may still be wondering…

Is it “the one” for you?

Let’s remember that super is one of the most tax-effective ways to save for retirement. And of course we want you to be co-contributing/salary sacrificing to make the most of your pre-tax dollars.

Nothing can compare to individualised advice, which is why we suggest booking in for a consultation. But, short of a face-to-face, here are the top 5 factors that influence which is the right super fund for you.

#1 Insurance

What are the insurance covers associated with the different super funds you’re considering? Are there any limits, restrictions or charges associated with the cover? There are benefits to paying insurance via your super rather than after-tax income to it’s worth investigating the insurance options.

#2 Fees

You need to compare the administrative costs associated with superannuation. While this isn’t the only factor to base your switch, you do want to be mindful about to what extend fees are eating away your superannuation figure. Take note of exit fees, entry fees and advisor service fees. (Or skip the time-consuming research and get us to do the grunt work).

#3 Choice

What is the level of investment choice within your super fund? Some funds have default portfolios, but it’s worth investigating how much freedom you have to construct your own portfolio.

#4 Service

Service goes beyond how friendly the customer service team are on the phone. Think about what your super fund actually provides you in terms of performance data, details of transactions and fees and education services.

#5 Performance

At the end of the day, or in your case — your working life — it’s the performance of the super fund that matters most. But don’t be too hasty. You should consider at least 5 years of performance data before making a switch. And as always, this is something your financial planner can help you with.

Care to cut the legwork when choosing the best super for you?

Call us today on (03) 5227 7777.