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1 year ago
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Comparison site Finder has praised Hostplus, Australian Super, Aware Super, UniSuper and HESTA in its annual superannuation round up.
A survey also found the average Aussie thinks they'll need $641,223 in superannuation for when they stop working - and most have no-where near that much.
With interest rates rising and the cost of living ever-increasing, many Australians are now taking more notice of how their super account balance is faring.
In its 2023 super fund awards, Finder revealed the best performers in a variety of categories, ranging from those with low fees to those with high growth.
It found that Hostplus' indexed balanced plan stood out as this year's best low fee super fund, with fees of $122 per year on a $50,000 balance.
Comparison site Finder has highly recommended Hostplus, Australian Super, Aware Super, UniSuper and HESTA in its annual superannuation round up. A senior couple is pictured
'The fund also delivered a strong long-term performance returning 9.21 per cent per annum for members over the past 10 years and 9.33 per cent per annum over the past five years,' Finder said in a statement.
Aware Super's balanced socially conscious plan took the top spot for best balanced fund. Its members pay an annual fee of $327 on a $50,000 balance.
The fund has also consistently delivered long-term performance returning an annual average of 8.4 per cent over the past 10 years and 7.06 per cent over the past five.
HESTA Conservative won the award for best conservative super fund, having provided an annual average of 5.45 per cent over the past 10 years and 4.28 per cent over the past five years.
AustralianSuper's conservative balanced plan won top prize for best conservative balanced super fund, with an annual return of 6.74 per cent over the past 10 years and 5.04 per cent over the past five.
UniSuper's sustainable high growth took the top prize in the high growth category.
'The fund delivered impressive high-growth returns, with an annual average of 10.36 per cent over the past 10 years and 8.48 per cent over the past five years,' Finder said.
Australian Retirement Trust's international shares index (unhedged) won Finder's best single asset classes super fund with an annual return of 12.26 per cent over the past 10 years and 10.13 per cent over the past five.
Finder has also revealed that men aged 60-64 have 27 per cent more in their super accounts than women in the same age group and that a survey of 1,063 respondents revealed Aussies think they'll need $641,223 superannuation when retire.
But that figure is far above what the average retiree is likely to have – the average Australian male aged 60-64 has $402,838 in super, while women in that age group have $318,203, according to the Australian Taxation Office.
Sarah Megginson, personal finance expert at Finder, said many people don't come close to having as much as they'd like in retirement savings.
'Thousands of Aussies are facing a huge deficit when it comes to the size of the nest egg they think they'll need to retire with, and the amount they'll actually have,' she said.
A survey found the average Aussie thinks they'll need $641,223 in superannuation for when they stop working. A woman's hand taking money from a purse is pictured
'Considering the average life expectancy is rising in Australia and the cost of living has risen dramatically, your retirement savings will have to stretch even further.'
She urged Australians to check if their super fund is giving them the best possible value for money.
'Don't get stuck in a fund charging exorbitant fees and check that you're in the right fund for your risk profile.
'Also make sure you consolidate your funds into one – otherwise you're paying extra fees for no reason, which means less money for you at retirement age,' Ms Megginson said.
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