Superannuation funds are something vital when it comes to your retirement in Australia. Just like when you prefer to deposit your money in one particular bank and not another one because of its advantages. It is always best to have a look at the different options. Not only will you need to check the different Super funds, but also your own profile. There are plenty of things to take into account. For instance, your age or your wage among other aspects. Unless it has been given, most of you can pick up the Super fund that best suits you.
Some people decide to choose the one they already have. Others prefer the one that their employer has while others do none of the previously mentioned. If you have just started working, your employer will give you the Standard Choice Form. However, you should first look into the Super funds’ performance, low fees, insurance, services as well as investment options. The ATO provides you with a comparison tool. It is called YourSuper and you can use it online.
For many workers, the AustralianSuper is their choice. It is the biggest Super fund in Australia. According to Finder, The top five list would include Hostplus, AustralianSuper, UniSuper, Virgin Money Super and the Australian Ethical Super. Do not forget that each of them might be the best for one specific reason. One might be the best regarding the 10-year return of all growth, another for their balanced option or for the lowest fees. For instance, Australian Ethical Super stands out for making responsible investments and it is certified.
How does the ATO comparison tool work to look for the best Superannuation fund?
You might already want to get down to business. So, if you would like to start the search for a Super fund that provides you with what you need, let’s see how.
The ATO recommends looking for some independent financial advice since they are not biased and can help you adapt it to your personal situation. To use the comparison tool you will need to have your super balance available. apart from that, you will need the age for tailored results. Once you log in with myGov account and write in the requested information you can access it. You can see your Super account or accounts and transfer or change it. Once you are making the comparison, you can see the four options that suit you best.
The more you compare, the best choice you might get. So, if you have got plenty of free time, you can have a look at different comparison websites. These are not from the government, but they might be helpful. SuperRatings, SelectingSuper, RateCity, Morningstar, Chant West and Canstar are the most common ones.