To choose a super fund like a pro, have a look at the pro’s investment checklist. Mostly common sense of course, but it’s easy to overlook the obvious, especially for young employees facing their first choice decision, without the feedback information that experience provide.
Fortunately there is an abundance of information available, although some of it can be a bit self-serving when published by a sector super fund. However ASIC, being a taxpayer-funded body, can be expected to be impartial, and has some great general investment advice, free from bias or vested interest.
Choosing a super fund is a bit like dating. Pick the right fund and you’ll be set for a long, happy and comfortable life when you retire. Set your sights on the wrong one and you’re in for a world of pain.
ASIC’s “Money Smart” website has published a neat checklist to use as a starting point:
The ASIC article also has some good advice for what happens when you don’t make a choice, or if you want to change funds, and other matters to keep in mind such as life insurance. See moneysmart.gov.au
More help choosing a super fund:
See also this CANSTAR article which outlines the following criteria for choosing a super fund:
- administration fees
- investment options
- fund’s track record
- insurance options
- other services offered by the fund