How did you choose your superfund? What should you look for in a superfund? I've never really given it much thought, but I am now. Thanks.
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How did you choose your superfund? What should you look for in a superfund? I've never really given it much thought, but I am now. Thanks.
I chose it based on management fees and so am with an industry super fund.
Theres less flexible options but one im happy with (ie where my super has been invested in)
We went to a financial advisor,and he manages my husbands fund. It's divided into cash and stocks.It has done so well since we moved,it's grown 60% in one year! maybe consider a self managed super fund? Advisor does get commission though.its working well for us personally.
Sun super seems quite popular if you are happy to just park your money somewhere. And yes, as MumtoSweet said,check management fees.also what/if they offer life insurance in the package.
I went with the industry based fund of the industry I was working in at the time. Its not too bad, I've not put anything in for 4 years and its still growing, so I thought that was pretty good LOL
My DH is with another super fund, and he gets life insurance (I don't because it costs extra fees) but his isn't doing even half as well as mine is.
Our super is in an index fund. It has been shown that monkeys could do as well, if not better, than most stockbrokers. Rather than gamble whether or not certain stocks will rise and fall, an index fund invests your money according to certain assest classes and rises or falls with the market overall. Mine is in high risk, DH's is in balanced. That's a reflection of our personalities.
whilst there are fees, there is no commission, hence no incentive for the investor to gamble my money away on a product that doesnt benefit me. Our super has generally outperformed the market the last few years.
it isn't recommended to have a self managed super fund unless you're earning $300k+ a year. Otherwise you pay too much in fees.
I think you are meaning to say that the balance of the fund should be $300K or more. I think $200K or more is more realistic if you are planning to add to it (as in over & above the 9%). For the vast majority of people in the age group of the majority of BBer's, a SMSF wouldn't be worth it due to having a low balance and not adding extra to it as needing money for everyday living/mortgage etc. There's also a lot of rules and restrictions.:
As for the original question, I would check the websites of some of the more popular ones & compare fees & historical returns. A financial planner could help also but I would be wary. Many receive a commission for placing you in a fund and a trailing commission for however long you stay in that fund. Bank based financial planners will generally only recommend their own bank's products or those of companies that are owned by that bank. A financial planner that charges a fee for service rather than a commission will not have the same conflict of interest but they are hard to find :/