Are your superannuation fees too high?
Ahhhh fees. Yes, everyone hates them. Nothing comes for free – but when it comes to your super, here’s how to make sure what you’re paying is reasonable.
- First, make sure you know what you’re paying and how it compares to other super strategies. You may have heard the advertisements telling you to ‘compare the pair’. While it’s a clever play on words, we prefer to stick with the tried and tested cliché of ‘compare apples with apples’.
- Don’t compare your super strategy and fees with someone else’s. You may think your situation is the same, but it’s rarely the case. You should only compare them with other strategies or funds that are appropriate for you.
- Make sure you understand exactly what you’re looking at. Not all super funds are created equal, and not all of them need to comply with the same transparency standards. There can be hidden fees and even a touch of ‘smoke and mirrors’ when it comes to how some funds quote their fees.
- Finally, make sure you understand any ongoing charges applied by any third party, and what services you get for that fee.
If you’d like some guidance around whether your super fees are too high or fair value, book in for a FREE ‘Retirement Accelerator’ Strategy Session. We can review your super fees as part of the meeting.
