Superannuation is one of Australia’s largest wealth creation vehicles.

Nearly everyone has at least one fund, yet most people ignore it until they get closer to retirement – when it is too late to make significant improvements.

A difference in fees/performance of 1% can mean hundreds of thousands of dollars over a 20 year period.

At Direct Super Management, we can compare your existing superannuation to hundreds of funds, and offer you advice on improving your superannuation now, so that you are significantly better off in retirement.

Things that many Australians get wrong with Superannuation

  1. Choice of Fund – Many Australians simply use the fund their employer chooses, without giving thought as to whether or not it is appropriate for them. This can result in being in a fund with high fees, poor performance or poor or no insurance cover.
  2. Multiple Funds – Most Australians have more than one fund, which can result in paying unnecessarily higher fees. It can also result in doubling up of insurance such as income protection, which has a limit on the amount that can be claimed. This means that many of us are paying for insurance policies that can never be claimed.
  3. Default investment Options – The majority of Australians are in the default option for their superannuation fund, regardless of their age and what their personal investment risk profile is. The default option is usually a ‘Balanced’ investment option, which is not appropriate for everyone.
  4. Insurance Cover – Most superannuation funds offer a default level of insurance cover when the fund is first joined. However, the level of cover is usually based upon age, and is rarely an appropriate level of cover. In addition to this, few members ever read the Product Disclosure Statements that provides technical information about the insurance cover, and may end up paying premiums for years without being eligible to claim.
superannuation meeting

Our Superannuation Services

- Super Review
- Consolidation
- Portfolio Design
- Self Managed Super Funds

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If you have any questions regarding this Introduction to Superannuation, or any other finance matter, please contact our office on (03) 9633 7180   

For More Information

As our website contains general advice you might require further consultation to help secure a financial future that suits your unique situation. Please contact our office today to make an appointment time convenient to you. Phone: (03) 9633 7180