Opinions on Superannuation Products

Lpostform on 25/02/2018 - 16:26
Last edited 25/02/2018 - 17:22 by 1 other user

Hi guys,

I've been in the workforce for about 1.5 years now and I've been very mindful of my finances i.e. Savings accounts, monitoring spending etc.

Recently superannuation has been my focus to fix up. I used to be with AMP (God they sucked.. -1.2% performance between 2016-2017 whilst the ASX 200 index was all green) and now I'm with my company's super who is with ANZ (Their app sucks doesn't give me any information of performance other than I have to calculate it every time). ANZ's performance (as of 25/02/2018) is about 5.8% PA after fees and taxes.

Wondering if anyone else can share their fund's performance and any drawbacks from their funds? I've heard industry super is performing around 10~11% a year and would to hear from anyone with them and share any drawbacks they've experienced (i.e. crappy app, no transparency, etc).

Thanks!

Edit#1: OPsss noticed there is another similar forum post.. can someone delete this one ?

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  [Deactivated] on 25/02/2018 - 17:45

  -2

  Ask your accountant

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  mskeggs on 25/02/2018 - 20:31

  +1

  An industry fund, with the high growth option is the best advice for you if you are under 35.
  That gives you low fees, good returns and our eggs in a big basket so you will have a little extra assurance of not getting screwed as it would affect so many it becomes a political issue.

  If you are happy to risk that you can't access the money till retirement, add an extra $20 or $30 a week extra contribution. You won't miss it, and it adds up over a long time frame. Don't get hung up on performance year to year, it varies. There isn't much point in trying to chase returns. Just stick with low fees and high growth and it will sort itself out.
  Spend some time hunting down any dribs and drabs of super you might have from previous jobs now, and keep the fund you choose now if you change jobs, unless there is a good reason to switch.
  Consider if you need any life insurance. If you are single without kids, the answer is likely no, but remember to change that if your circumstances change.

  If you do these things, you can basically forget about super until you are 45 or so.

  • 

    SydneySwan on 26/02/2018 - 13:16

    This is pretty good advice. I have been in the HostPlus Balance fund for years and it has done very well - top quartile performance and low fees.