This website has been created in an attempt to simplify the delivery of facts from the plethora of jargon that comes from the superannuation industry and media. This site won’t become your single point of reference for success or failure, but may provide you with some alternative redundancy on your long superannuation accumulation phase.
Me – I’m a worker who’s has been contributing to super for 20 years and have no financial qualifications. In 2009, I checked my super statement and I saw that after one year’s contributions my balance was lower than the previous year! Since then, I have taken an active interest in growing my superannuation balance from an average Australian income.
This isn’t a fun topic at the best of times for many people, so turning risk managed strategic planning into indulgent thrill-seeking dreams whilst bypassing the sharks will be an ongoing theme.
Choosing an Australian Superannuation fund can be a tedious task, often concluding in choice paralysis. Superannuation for many people may become their largest financial asset, so trying to select a fund is an important decision. This isn’t easy because of the complexity of how the industry delivers fund choices and applies fees, furthermore, future performance can only be guessed by seasoned industry professionals.
Like banks who distribute homeloans, superannuation funds will have 30 to 40 years of fees to collect from many Australians – that’s billions of dollars collected in fees and 1000’s of jobs riding on government legislation. With so much money coming in each year, money will be squandered by greed and incompetence. High fees do not correspond with high performance, that was demonstrated by the Hayne Royal Commission in 2019. Choosing a competitive fee over a high fee can potentially save you tens of thousands of dollar in the long run.
The good news is the sector is likely to get more competitive over time as poor performing and incompetently managed funds are closed or merged into better performing funds. New funds will be established, creating opportunities to increase your superannuation fund size.
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