Choosing the right super fund

How to choose the best superfund for yourself; calculate fees; which super is better and why?

You have the freedom to choose the super fund that best suits your needs.

It’s difficult to compare funds as there can be so many differences. The super fund your employer offers may be the best alternative as they often negotiate discounts on your behalf. Check our “Super Review Checklist” below to help you understand if your super is right for you.

Of course, the investment options offered and the performance of these investments must be considered, as fund performance after fees will determine how much super you accumulate over your working life. You will need to choose an investment option that is right for you and review your choice over time, as your situation changes.

Having life insurance within your fund may be beneficial, as insurance is often cheaper within super, however, it is very important to consider the cost of premiums as they can be your greatest expense. Also, some of the less expensive insurance offers may be cheap because they don’t provide good quality cover. It’s important to make sure you understand what you are paying for and what will happen if you do need to make a claim.

Generally, company default funds have negotiated tailored fees and insurance benefits. Ask your employer or email us to request a flyer on your company default fund.

Please contact us If you need a hand to understand your options and to make a choice.

Remember that life insurance in super, left to adult children who are no longer classed as dependants, will be taxed. Talk to us about ways to reduce the tax that may be payable on death benefits.

Superannuation Review Checklist

Consolidate Your Super

Consolidating can be confusing, there are a lot of things to keep in mind. Here is our quick “Super Consolidation Checklist” on how to consolidate.

The information on the Website is of a general nature only and has been prepared without taking into account your, or any other investor’s, particular financial needs, circumstances and objectives. The information on the Website should not be construed as financial, taxation or legal advice.  Lifestyle Financial Services Pty Ltd recommends that you consult a financial adviser for advice that addresses your specific needs and situation before making investment decisions.