Australians are being reminded to review their retirement funds to ensure they deliver maximum results as experts reveal their top tips for consumers.
Comparison site Finder has announced the winners of its 2023 super fund awards, picking the best across key categories including low fee funds, balanced funds, conservative funds and high growth funds.
For low fees, Finder experts recommend Hostplus Indexed Balanced, while Aware Super’s Balanced Socially Conscious option was named the best balanced super fund.
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HESTA Conservative picked the best conservative fund and AustralianSuper Conservative Balanced picked the best conservative balanced option.
According to Finder, anyone seeking high growth should switch to UniSuper Sustainable High Growth.
The Australian Retirement Trust – International Shares Index (unhedged) has been named the best single asset class super fund.
Finder editor-in-chief Angus Kidman said there was no “one fund to rule them all” as consumers had different risk preferences depending on their circumstances.
“We want different things from our boss at different stages of our lives,” he told The Latest.
“When you were younger you might have been happier with it growing and being a bit risky. As you get older you might think, ‘No, I want this to stay stable’.”
Kidman said superannuation wasn’t just a matter of set it and forget it.
“You should definitely think consciously about where your manager stands. Even if you are happy with the fund you work at and have seen that it is what you want, you don’t want it to be the same with your life,” he said.
Changing funds was easier than expected, Kidman added.
The top gongs come as Finder’s latest research finds Australians predict they will need to set aside almost $650,000 for a comfortable retirement.
A survey of about 1,000 respondents found that the average consumer believes they will need to save $641,223 in retirement savings if they stop working – nearly double what the average retiree is likely to have.
In reality, according to the Australian Taxation Office, the average Australian man aged 60 to 46 only has $402,838 in super, while women in this age group have $318,203.
“We’re way behind what we think we need, and if we’re dreaming of a slightly more glamorous retirement and a few cruises, we need to aim to achieve even more,” Kidman said.
“You must try to keep this amount as high as possible before you retire so that you can spend your retirement as comfortably as possible.”