Whether you are choosing your first super fund, consolidating various funds into one, or looking to switch to something better, our specialists in retirement planning in the CBD explain that you will need to think about what your super goals and compare what’s on offer.
Before you start comparing the market, it’s important to truly decide what you want, or else you could pay for those things that you don’t need.
Our professionals in private wealth in the Sutherland Shire say to look for a fund with a wide range of investment options and scope for active management. It’s important to remember that a “tailored super fund” will generally charge higher fees than a “MySuper” product. “MySuper” offers a hands-off, easy to understand, no-frills fund with lower fees. Whereas personal super products are designed with the self-employed or self-directed in mind.
Your time line and willingness to take risks is also a factor in choosing your super fund. If you are younger, you may be more likely to take on more risk, therefore a high growth option with a good track record is important. Alternatively, you may be interested in fund with a life-stage or life-cycle option, which automatically adjusts your asset allocation, or the mix of high- and low-risk investments, as you age. At the other end of the spectrum, if you are near the end of your working life or already retired, you will most likely be looking for a fund with a highly-rated pension account.
For professional help in exploring your superannuation options and choosing the best super fund for you, contact our experts in private wealth in the Sutherland Shire today.