Unless indicated otherwise, the information in the table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, a Corporate Authorised Representative (CAR No.1309956) of Lonsec Research Pty Ltd ABN 11 151 658 561, Australian Financial Services Licence No. 421445.
*Past performance data and fee data is for the period ending June 2024
Look for the following features when you're comparing super funds in the comparison table above.
The lower the fees the better, as higher fees will eat into your investment returns. A general rule of thumb is to make sure the fees are less than 1% of the value of your super balance per year (so for a $50,000 balance, annual fees around $500 or less are relatively low).
Look at the 5- and 10-year performance returns instead of only looking at the past year's performance. Super is a long-term investment, so you want a fund that has consistent, strong performance over the long term rather than a one-off good year.
Generally, you should invest in more high-risk growth assets (like shares) while you're young because you have plenty of time to ride out any short-term market falls. If you're young and want to take on more risk, compare high growth investment options.
Some funds offer life stage investment options, meaning they'll adjust your investments for you as you get older so you're not taking on too much risk. Others will offer pre-mixed options based on certain risk levels and regardless of age, e.g. balanced, conservative or high growth. Think about which option works best for you before comparing.
According to Finder data, 43% of Australians are interested in their super being invested ethically. If you're passionate about investing ethically and want to exclude certain industries such as fossil fuels or tobacco, choose a fund that offers a sustainable or ethical investment option.
Most funds will offer a default level of cover for death and TPD insurance automatically when you join. If you need more cover, for example income protection, check the fund offers this before joining. Check the fund's PDS to understand the default level of cover offered and the cost.
Millions of us aren't actively engaged with our super, despite it likely being our most-valuable asset in retirement.
According to Finder data, 58% of Australians are with the super fund that their employer chose for them and almost half (48%) of us have stuck with the same super fund for our whole life so far.
If this is you, you could be stuck in a poor-performing fund with high fees and an investment strategy that doesn't suit your age or stage of life. This could cost you hundreds of thousands of dollars by the time you retire.
How you choose to invest your super is a personal choice. You might have a high risk tolerance and be comfortable investing exclusively in shares. Or, you might be a bit more risk-averse and want something less volatile. If you're unsure where to start, here are some pointers based on your age.
You're young and still have 30+ years before you can access your super. Because you have so much time on your hands, it's recommended you invest more heavily in higher-risk, growth assets like shares via a high growth investment option. Shares can be volatile in the short term, but continue to perform exceptionally well over the long term.
You still have a good 10–30 years for your super to stay invested before you begin to access it. This is still plenty of time to invest in higher-growth investment options that invest heavily in shares. However, as you get closer to 50 you may have a lower risk tolerance than you did in your 30s. If this is the case, you could consider gradually reducing your exposure to shares by switching to a balanced investment option.
As you get closer to retirement it's generally advised to have a more balanced mix of investments, with some defensive assets like cash, so you're not putting all your eggs in the one basket. Again, your super will stay invested for many years even after you turn 55 so it's important to have some exposure to shares so your balance continues to grow, but you might not want all your balance invested in shares.
Remember, there's no set rule for how you should invest based on your age alone, these are just some general ideas to get you started.
You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.
You save time. We spend 100s of hours researching super funds so you can sort the gold from the junk faster.
You compare more. Our comparison tools bring you more super funds from across the market.
Check out Finder's 5 top Qantas and Velocity Points earning cards on the market this month.
We've ranked them all and found the 5 best balance transfer credit cards on the market.
SPONSORED: Feeling the pinch with your home loan? We touch base with two of the best in the business to find out how you can manage it better.
Millions of Australians are too lazy to return unwanted online purchases, according to new research by Finder.
Millions of Australians have been derailed by an unexpected financial emergency over the past 12 months, according to new research by Finder.
We asked Australians how satisfied they were with their Robo advisor. Here's what they told us.
We asked hundreds Australians how satisfied they were with their share trading platforms. Here's what they told us.
We asked hundreds Australians how satisfied they were with their micro-investing-app. Here's what they told us.
We asked hundreds Australians how satisfied they were with their crypto wallets. Here's what they told us.
We asked hundreds Australians how satisfied they were with their crypto trading platforms. Here's what they told us.