30s, 40s or 50s: The 3 best super funds for your age group
Aussie super funds have been named and shamed by the Australian Prudential Regulation Authority (APRA) for underperformance.
As part of the Your Future, Your Super reforms, super funds are now required to write to their members to let them know if they’re stuck in a dud fund.
Also read: Massive $3.1 trillion funds taking over the country
Also read: Why Islamic investments are actually for everyone
But, for those who have just found out their retirement funds aren’t being invested well, which fund should they choose?
Never fear – using the ATO’s super comparison tool here is a breakdown of the best funds for you depending on your age and average super balance.
The list excludes restricted funds, like corporate funds which are only for employees of a specific company, and has been rated in terms of investment performance.
If you’re in your 30s
Depending on whether you’re at the start of your 30s or the end, the average Aussie will have between $58,000 and $92,500 if they’re a man or $46,000 and $72,000 if they’re a woman.
If you’re a man in your early 30s, the top three funds are:
UniSuper
The Bendigo Superannuation Plan
Mercer Super Trust
If you’re a man in your late 30s, the top three funds are:
UniSuper
The Bendigo Superannuation Plan
Australian Super
In you’re a woman in your 30s, the top three funds are:
UniSuper
The Bendigo Superannuation Plan
Mercer Super Trust
If you’re in your 40s
An Aussie man between 40 and 45 years old will have an average super balance of around $135,000 and that will increase to around $182,000 between 45 and 49 years old.
An Aussie woman between 40 and 45 years old will have around $98,500 and between 45 and 49 years old that will increase to around $127,700.
If you’re a man in your 40s, the top three funds are:
UniSuper
The Bendigo Superannuation Plan
Australian Super
In you’re a woman in your 40s, the top three funds are:
UniSuper
The Bendigo Superannuation Plan
QSuper
If you’re in your 50s
From 50 to 55 the average Aussie man will have around $242,000 in their super. From 55 to 59 the average man will have around $311,000.
From 50 to 55 the average Aussie woman will have around $159,000 in their super. From 55 to 59 the average man will have around $207,000.
If you’re a man in your 50s, the top three funds are:
UniSuper
The Bendigo Superannuation Plan
QSuper
In you’re a woman in your early 50s, the top three funds are:
UniSuper
QSuper
The Bendigo Superannuation Plan
In you’re a woman in your late 50s, the top three funds are:
QSuper
UniSuper
The Bendigo Superannuation Plan
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.