What you may not know is that you can choose which super fund your hard-earned dollars goes into.
Watch our video (2.33) where Mel from AMP explains what you need to think about when choosing your super fund. Keep in mind that not all super funds are the same and it really depends what is going to suit your personal situation.
Just remember, whatever choice you make now could make a difference to the lifestyle you’ll lead in retirement.
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About this video
In this video, Melinda from AMP talks through some of the key points to consider when choosing the right super fund for you.
If you’re currently employed or about to join the workforce, your employer will normally make regular contributions into your super fund, but the choice of super fund you have is usually up to 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 - that is, bringing all your super accounts into one. Watch our video to find out what you need to think about before consolidating your super.
Obviously, you’ll need to consider what’s right for you before making any decisions. But it’s worthwhile, because these things have the potential you grow your superannuation balance and ultimately help you achieve the lifestyle you want in retirement.
We look at the average super balances for different age groups in Australia so you can see how your super savings compare.