superannuation.....

[Growler]

hi, our employer has just asked the question : do you know what superannuation fund you are going with?

 

We dont have a clue. Thought it was a general fund with no choice....Can anybody shed some light and offer advice or send us in the right direction of advice?

 

Thanks!!!

[Diane]

Each employer will have a 'standard' super fund that you will get added to if you don't express a preference. Which one will suit you depends on the line of business you are in and the level of risk you are prepared to take. With most funds you can choose where they invest your funds, or go with the standard. Ask around amongst your workmates, to see if there is an industry super fund for your area of work that seems popular, and then do a bit of research somewhere like https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works/choosing-a-super-fund Often people who move around with their jobs end up with several super funds, which is not a good idea s all your mooney gets eaten up with admin fees, so it's best to choose one and stick with it!

[Andrew from Vista Financial]

Yep as Diane says, your employer's default option/s can be a good place to look first when you are just starting out saving for your retirement.

 

You may also be offered some default insurance cover if you open a fund with your employer as well, so life insurance and the like without any medical questions or forms to complete, certainly a good starting point and can always be reviewed once things are up and running a bit later on down the track.

 

 

Regards

 

 

Andy