Retirement
Super advice for every stage of life: Part 2
Members in their 40s and 50s can save $180,000 if they choose the right superannuation, according to new research.
Super advice for every stage of life: Part 2
Members in their 40s and 50s can save $180,000 if they choose the right superannuation, according to new research.
Stockspot’s Fat Cat Fund Report said members in their 40s and 50s need to refine their super fund strategy to encapsulate a mix of growth and balanced fund options.
This includes shares with higher potential for return mixed with defensive options such as bonds and cash to reduce the potential of large losses.
At this age, members might be looking to protect assets they have accumulated during their 20s and 30s, Stockpot noted, meaning a more balanced strategy is advised.
Three super tips to get the best out of your super in your 40s and 50s:
1. Check super balance is a mix of growth and balanced funds – These are suited to most people in their 40s and 50s. At this age, members want to reduce the chance of large losses in super while maintaining some growth assets.
2. Pay less than 1 per cent in fees – Finding a fee with low fees could save investors up to $180,000 in the long term, Stockspot said.
According to the online investment adviser, members with higher fees will lose 20 per cent on their returns on fees, compared with just 5 per cent for low-fee funds.
3. Consolidate super funds – To ensure members are not paying double for fees and insurance, Stockspot has reminded members of the importance of insuring their super is consolidated.
To find out what you should have done in your 20s and 30s, click here.
To find out what you should do in the next stage of your working life, click here.
RELATED ARTICLES
About the author
About the author
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
