Yep, like many financial products, superannuation accounts come with fees. These cover the costs of managing your money and your account. It might seem like a small percentage, but even tiny fees can add up over many years, especially when you're just starting out. Knowing what fees you're paying and how they compare is a super important part of making your money work smarter for you.

Choosing a Super

When your money goes into super, it doesn't just sit there. It gets invested to help it grow over time. The cool part? You often have a say in how it's invested. Different options have different levels of potential growth and risk – think of it like choosing the right gear for a race. Understanding your investment options, even when you're young, can have a massive impact on how much your super could grow by the time you need it.

Super investment options

The main types are:

Life Insurance: Pays a lump sum to your beneficiaries if you die.

Total and Permanent Disability (TPD) Insurance: Pays a benefit if you become permanently disabled and can’t work.

Income Protection Insurance: Provides a regular income if you’re temporarily unable to work due to illness or injury.

This insurance is convenient because premiums are deducted from your super account instead of out-of-pocket payments. However, it’s important to check the cost, coverage level, and terms because insurance fees can reduce your super balance over time

Insurance through Super

Superannuation funds can offer factual information about investment and insurance options, contributions and consolidating your funds. Depending on the fund, they may have offerings of general and personal financial advice.

Financial advice

General and personal financial advice

Making super contributions—whether pre-tax (concessional) or after-tax (non-concessional)—offers key benefits like reducing your taxable income, growing your retirement savings faster, and taking advantage of tax-friendly investment growth.

Contributions should be made after assessing individual financial situation and can vary from year to year.

Types of contributions

Personal super contributions

Government co-contribution

Spouse contributions

Contribution limits and caps

Super contributions optimiser

Consolidating your superannuation funds means combining multiple super accounts into one. It’s a smart move for many Australians, especially if you’ve changed jobs and ended up with more than one fund.

It allows you to save on fees, easier to manage, boost returns and avoid inactive or lost super.

Consolidating super

Finding lost super

How much might you need to save for your retirement? These resources can help you work out your savings and super goals.

ASFA’s Retirement Standard

Estimate how much income you will need to retire

Super and pension age calculator: Work out when you can access your super and the age pension.

Budget planner: Work out your living costs.

Superannuation calculator: Find out your super balance at retirement

Knowing the type of superannuation fund you’re with can help you understand your benefits, and whether it’s right for you.

MySuper or choice super

Accumulation or defined benefit funds

Super fund categories (retail, industry, public sector, corporate & self-managed)

YourSuper comparison tool

How to tell your employer what fund you've chosen

A super fund’s reputation is important because it reflects its trustworthiness, reliability, and how well it manages members’ money over time. A strong reputation usually means the fund has a solid track record of good investment performance, transparent fees, responsive customer service, and ethical business practices. Choosing a reputable fund gives you confidence that your savings are in safe hands, reducing the risk of mismanagement or poor returns, which can significantly impact your retirement outcomes.