Could high super fees cost you $100,000 at retirement?

Superannuation is often described as a set-and-forget system, but ignoring the fine print could cost you dearly. 

Each year, Australians pay around $32 billion in superannuation fees, and even a seemingly small difference can have a huge impact on retirement balances.

When Sydney Morning Herald Money Editor Dominic Powell asked our Senior Wealth Adviser, Dawn Thomas, for her insights, she explained super fees aren’t a single figure. They include administration, investment management, performance, and switching fees. Some appear on your statement, while others are bundled into investment performance and harder to see.

Here are some key points Dawn highlighted:

Know the types of fees: admin, investment management, performance, and switching fees.
Compare like-for-like: growth options will cost more, but they should still sit under 1 per cent per year.
Check your statements: admin fees appear clearly, while investment fees are hidden in performance results.
Use the tools available: government resources like YourSuper can help compare funds.

NOTE: if your total annual fees are higher than 1 per cent of your balance, it may be time to start asking questions.

We can help, book a chat with us today.

Read the full article here: The sneaky super sapper that could eat $100,000 from your retirement