Which Super Fund Type Suits You?
Find the right type of super fund for your risk tolerance and retirement goals. Make an informed choice.
What You'll Learn
This quiz will help you understand which type of superannuation fund might best suit your circumstances, risk tolerance, and retirement goals. You'll learn about the key differences between fund types and their potential impact on your retirement savings.
Which Super Fund Type Suits You?
Question 1 of 10How comfortable are you with investment risk?
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Explanation
Choosing the right super fund is one of the most important financial decisions Australians make. This quiz considers factors like your age, risk tolerance, desire for control, ethical preferences, and fee sensitivity to suggest which super fund type might be most appropriate for you.
Expert Insights
- The impact of fees on your super balance over time can be substantial - even a 0.5% difference in fees can reduce your final balance by tens of thousands of dollars.
- Your age and time until retirement should significantly influence your investment strategy and fund choice.
- Performance comparisons between funds should be made over at least 5-10 years, as short-term results can be misleading.
Actionable Tips
- Check if your current fund offers different investment options that might better match your risk profile before switching funds.
- Consider consolidating multiple super accounts to reduce fees, but check for any insurance coverage you might lose.
- Review your super fund choice every 2-3 years or when your circumstances change significantly.
Example Results
Industry Fund Match
You value low fees, don't need extensive investment choices, and prefer a not-for-profit structure. Action: Use our Super Fees Impact Calculator to see how lower fees could benefit your retirement balance.
Retail Fund Match
You want a wide range of investment options and are willing to pay for additional features and services. Action: Compare the long-term performance of retail funds after fees before making a selection.
Self-Managed Super Fund Potential
You have a substantial balance, financial expertise, and desire greater control over your investments. Action: Research the compliance requirements and costs of running an SMSF before proceeding.
Glossary of Terms
Industry Fund
Not-for-profit super funds originally created for workers in specific industries, now often open to everyone.
Retail Fund
For-profit super funds typically run by banks or investment companies, often with more investment options but potentially higher fees.
SMSF
Self-Managed Super Fund - a private super fund you manage yourself, giving complete control but with significant compliance responsibilities.