How to choose the best super fund

Published 29 May 2020

One of the keys to finding success with your superannuation investments comes at the very beginning: You have to choose the right one to ensure long-term financial security. However, there are many considerations that go into finding the best option available to you, so how do you pick?

Read on to find out the factors that make up a great super for you, which you need to consider in your research:

Strong average returns

First and foremost, you need to be assured that the money you put into a super will do as much work for you as possible. As such, looking at a number of funds’ performance over the past few years will help you determine which ones are giving enrollees the strongest return on their investment.

However, it’s important to make sure you compare and contrast relatively similar supers so that you get a good idea of what to expect no matter which type of fund you choose.

Low costs

Of course, there are always costs associated with staying enrolled in a chosen super. Some relatively no-frills options have relatively few fees applied, while others may have costs that are quite a bit larger.

For high-performing supers with more options, you may be charged more, but also get a greater return. As such, it’s important to strike a balance between costs and returns.

The insurance details

In many cases, you may be able to get life insurance or disability coverage through your super – and that’s an option most Australians take. However, just like the other details, you will need to look at various funds and find the coverage that makes the most sense for your needs.

Don’t just set it and forget it

Once you’ve determined which super (or supers) to invest in, you should evaluate their performance on a regular basis. Those that have performed well in the past two years might not be doing quite as well two years from now, and being willing to shift investment strategies is a big part of finding long-term financial success.

If you ever run into difficulties with your super fund and have to dispute it for some reason, it’s important to have the experts on your side. At Gerard Malouf & Partners, we have years of experience dealing with superannuation disputes and can help you get the results you need. Plus, with our offer of a free consultation, 90-day complimentary trial and No Win No Fee programme, there’s no risk to you. Get in touch today to learn more.

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