9News: Choosing your Super Fund

Peter Overton, Nine News Sydney: If you choose the wrong super fund, it could cost you almost $120,000 in your retirement years

The numbers have been crunched and tonight our Finance Editor, Ross Greenwood, can reveal the best on the market

Ross Greenwood: Exclusive for 9News, Canstar have assessed 67 super funds. Of these, it highlights six funds for superior returns, lower fees and better features – including insurance.

They are Australian Super, Australia’s largest super fund. Catholic Super, an award-winner but criticised in the Royal Commission for not going through with a  merger. Hostplus Super and InTrust Super – both multiple award winners. State-wide Super, based in South Australia and finally, Queensland based SunSuper.

Importantly, all of these are industry funds, meaning all the profits go back to the members via cheaper fees or better returns.

If you pay too much or if your fund vastly underperforms in the market, you will be way behind the 8-ball when you retire.

The average super fund fee is $582 per year. The cheapest – $313 per year.

At retirement age of 67, the difference is close to $120,000. Or you can help yourself, Canstar says an extra $50 a month – say 3 coffees a week – will add $40,000 to your retirement pot.

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