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Choosing an appropriate super fund could be a crucial step in planning for your retirement. Explore and compare super funds from a wide range of options on RateCity.

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Sally Tindall

Georgia Brown

Updated on

03 May, 2024

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What’s new in superannuation in May 2024?

Do you have enough money saved in your super fund to afford a comfortable retirement lifestyle? According to recent research from Australian Retirement Trust, around two thirds of Australians don’t feel their super is in a good position for their age.

How much super should you have? The exact amount will depend on a wide range of factors. As an example, according to the Association of Superannuation Funds of Australia (ASFA), the superannuation balances required to achieve a comfortable retirement at age 67 are $690,000 for a couple and $595,000 for a single individual at the time of writing. Keep in mind that these figures are based on certain assumptions, such as you already owning your own home.

Whether you’re just starting your career or you are approaching retirement, it’s important for your super fund to align with your lifestyle, both now and in the future. Not every super fund is the same, as they offer different investment options, features and benefits, and also charge different fees. And because every Australian’s personal financial circumstances are different, this can mean some super funds may offer more (or less) value than others to different individuals.

Consider comparing some alternative super options that are available to you, keeping in mind that past performance is not a reliable guarantee of future performance. Look at what these funds offer, compare to your financial situation and personal goals, and make the choice of whether to switch – changing super funds may be easier than you expect.

Updated by Mark Bristow on 3 May 2024

What is superannuation?

Superannuation (also known as ‘super’) is a compulsory savings scheme through which some of your income is set aside so you can have a nest egg waiting for you when you retire.

Different super funds offer different investment options to help you grow your retirement savings. There are also extra features, benefits, fees and charges to consider. It's important to compare different super options to make sure you choose a fund that best suits your financial situation.

How does superannuation work?

If you are an eligible employee in Australia, your employer is responsible for paying your superannuation into your super fund account throughout the duration of your employment. Your employer will pay your super into your existing super fund, or set you up with a MySuper product if you are new to the workforce.

In accordance with current Australian Government outlines, your annual superannuation entitlements must be at least 10 per cent of your ordinary time earnings. For example, if you earn $100,000 per annum (before tax), your employer must pay you at least $10,000 in super per financial year. This is known as the ‘superannuation guarantee’ or SG.

The super guarantee contribution rate increased from 9.5 per cent to 10 per cent in July 2021, and is scheduled to increase by 0.5 per cent each year until it reaches 12 per cent in mid-2025. However, these increases to the super guarantee rate could be delayed, depending on Australia's economic situation.

You may choose to pay extra money into your super fund, on top of what your employer is required to pay. This could include one-time payments, or a regular salary sacrifice arrangement with your employer. Some of these extra super contributions may be tax deductible. For more details, check with the ATO by visiting ato.gov.au.

Many super funds invest your super contributions into an investment portfolio. This may help grow your wealth faster than you’d likely earn in interest simply by depositing this money in a retirement savings account or term deposit. Different investment strategies may mean different returns on your investments.

Once you reach a certain age, you can start accessing money from your super fund as an income stream. This can help pay for your retirement lifestyle, reducing your reliance on the age pension.

Does every employer have to pay superannuation?

How much does superannuation pay?

What types of superannuation funds are there?

There are five main types of superannuation funds:

Fund	Description	Availablity
Retail super funds	Run by for-profit institutions such as banks and financial services companies	Everyone
Industry super funds	Run by not-for-profit institutions to benefit members	Many larger industry funds are available to everyone, while some restrict membership to certain industries
Public sector super funds	Created for federal and state government departments	Public servants
Corporate super funds	Run by companies	Employees of those companies
Self-managed super funds	SMSFs are for Australians who want to manage their own investments	Everyone

Most super funds are accumulation funds. When you retire, the fund will pay you whatever superannuation you saved up during your working life.

Some corporate or public sector super funds are defined-benefit funds, though most are closed to new members. When you retire as an eligible employee, you’ll receive payment based on a formula. For example, you might receive ongoing retirement income calculated as a percentage of your final salary. You might instead receive a lump sum calculated on the number of years you spent with your employer.

What is a MySuper fund?

MySuper is a government initiative that was introduced to replace the previous default funds system in order to provide lower cost, more simplified alternatives. If you don't have an existing super fund account when you start a new job, and don't nominate a new one yourself, your employer must pay your employer contributions into a MySuper fund.

MySuper products typically offer:

Lower fees
Simple features so you don't pay for services you don't need
Life insurance unless otherwise requested

How do you compare superannuation?

Australians have access to hundreds of superannuation funds and tens of thousands of investment options. It’s important to do your research to find the best super fund and best investment option for you, as choosing the wrong super fund or investment option can be costly.

There are five main factors to consider when choosing a superannuation fund:

1. Fees

2. Investment options

3. Investment performance

4. Insurance

5. Customer service

How do you claim your superannuation?

Generally, you can only access your superannuation if:

You’re permanently retired and you reach your ‘preservation age’, which is between 55 and 60, depending on when you were born, or;
You’re still working and you turn 65.

Once you are eligible to withdraw your superannuation, you will typically have the option to receive it as a lump sum, an ongoing retirement income stream, or a combination the two.

Can you withdraw your superannuation early?

There are a number of special circumstances in which you may be eligible for an early release of your super, including the following:

If you’ve suffered permanent or temporary incapacity
If you’ve received commonwealth benefits for 26 continuous weeks but still can’t meet your immediate living expenses
If you’re seriously ill and need to pay for medical treatment
If you have a terminal condition and are likely to die within two years

Consider visiting the ATO website for more detailed information on early super withdrawal.

How do you find the best super fund?

The best superannuation fund is the one you believe will offer you the best value. Each person will have their own definition of ‘best’, depending on what they prefer.

For example, you may want to look for:

The fund that has delivered the highest net returns/strongest performance over the past five years
The fund that has earned the highest approval ratings on online review sites
The fund that has investment options that best align with your own values

Those are just examples – you might have your own definition of what makes for the best super fund. Using comparison tools such as RateCity's superannuation comparison table can make it easier to focus on the factors that matter to you most.

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How much superannuation should you have?

Your superannuation will make a big impact on the kind of lifestyle you'll be able to afford once you retire. So, regardless of how far off retirement is for you, it's a good idea to keep an eye on your super balance and be proactive if it's below where you'd like it to be.

The Association of Superannuation Funds of Australia (ASFA) has estimated how much money you'll need in retirement, based on your preferred lifestyle.

Budgets for various households and living standards for those aged around 65 (June quarter 2021, national)

	Modest lifestyle		Comfortable lifestyle
	Single	Couple	Single	Couple
Total per year	$28,514	$41,170	$44,818	$63,352

Source: ASFA. Notes: The figures in each case assume that the retiree(s) own their own home and relate to expenditure by the household. This can be greater than household income after income tax where there is a drawdown on capital over the period of retirement.

ASFA figures show that the amount you should have in your super when you retire to support a comfortable retirement lifestyle is $640,000 for a couple and $545,000 for a single person - assuming a partial Age Pension.

Meanwhile, ASFA estimates that a modest retirement lifestyle is mostly covered by the Age Pension. In which case the amount of superannuation needed to support a modest retirement lifestyle for a single or couple is $70,000.

According to ASFA, a modest retirement lifestyle is "considered better than the Age Pension, but still only able to afford fairly basic activities", while a comfortable retirement lifestyle "enables an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of such things as; household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasionally international holiday travel".

If you plan to retire at 65, it's important to keep in mind that you'll likely need a retirement income for at least 20 years.

Parents who have taken time out of the workforce to care for children, as well as low income earners, will tend to have less superannuation than those who have been employed continuously, on an average to high income, for the four or five decades of their career. If this is the case for you, you may want to consider making voluntary contributions on top of the super guarantee if your budget allows.

Moneysmart's retirement planner calculator can help you calculate the income you're likely to get from super and the age pension when you retire, based on your personal financial details.

How often should you check your super?

Can your super amount rise and lower over time?

How can you grow your super?

Pre-tax super contributions: Also known as salary sacrifice, pre-tax super contributions can be paid out of your pre-tax income by your employer, at your request. These payments, along with the super guarantee, make up what is known as your concessional contributions.
After-tax super contributions: If you reach the concessional contribution cap, there’s also the option to make super contributions from your after-tax pay. These payments are known as non-concessional contributions, as you will have already paid tax on this money. Low and middle-income earners who make after-tax super contributions may also be eligible to receive a co-contribution from the government, up to a maximum amount of $500.

These types of contributions are considered voluntary superannuation contributions, and can be made in addition to employer contributions (namely the super guarantee).

To find out more about government co-contributions and to see if you are eligible, visit the ATO website.

How do you find lost superannuation?

Lost superannuation refers to savings in a super fund account that you may have forgotten about. This can happen if you've opened a new super fund account each time you've started a new job, instead of nominating an existing account.

You can use your MyGov account to see details of all your superannuation accounts, including any you might have forgotten. Alternatively, you can fill in a ‘Searching for lost super’ form and send it to the Australian Taxation Office, which will then search on your behalf.

Once you've found your lost super, the next step is to consolidate your funds into a single account of your choice. You can either do this yourself via your MyGov account, or get in touch with your chosen fund to see if they are able to consolidate for you.

Sally Tindall

Research Director

Sally Tindall is the Research Director for RateCity and a regular commentator on television and radio about personal finance matters. Since she joined RateCity in 2015, she has covered mortgages, credit, loans, superannuation, and more, and is passionate about helping everyday Australians get access to affordable finance options, making budgeting and everyday expenses easier for all. Sally is a regular contributor to news outlets including Fairfax's Sydney Morning Herald and The Age, and News Ltd's Daily Telegraph, the Herald Sun and news.com.au. On TV, you can find Sally's expertise on programs from Seven, Nine, Ten, ABC, and SBS, and you can listen to Sally regularly on ABC Radio, 2GB, 3AW, 4BC, and a host of others.

Georgia Brown

Personal Finance Editor

Georgia Brown is a Personal Finance Editor and journalist for RateCity, covering the scope of finance in Australia over loans, credit, mortgage and housing, superannuation, and sustainable finance, to name a few. Before venturing into personal finance, she worked as a reporter for Smart Property Investment, Real Estate Business, and REA's realestate.com.au, and these days her work can be seen across numerous publications, including Lifehacker and RateCity.

This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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