Very helpful video Irene. You are humble enough to admit when you make an error or fail an exam. It's a great experience to share when you have made a mistake but have learned a lesson from your experience.
Thank you for your balanced and well researched video. We need to make this information accessible for as many people as possible. There are too many 'finance' people in the industry scamming us all.
Unfortunately Australian Super industry is still a scamming industry after several regulations were reinforced. We customers need to choose carefully. Thanks for stopping by Richard!
A friend of mine in 2006 was a Business Development Manager for Professional Investment Services,PIS.He got me an interview with another BDM concerning hiring so I brushed up on market conditions and government policy etc.In the interview this manager simply stated that my mate had informed her that I was ell versed in this regard and the rest of the interview was about legal disclosure, as in don't disclose so much as a full stop beyond legislative requirements and what sales experience I had.In summary I determined the many Financial planners are shop assistants in suits who funnel clients to the funds who give the biggest kick backs to the planners,appalling unethical in my view.It's easy to see how you fell into the sales trap you did as they are very slick.
Thank you very much for the details explanation including your personal experience. I am with Tasplan superfund in Tasmania. I am happy with it. It is merging with MTAA fund now to lower the fees and, changing name to SpiritSuper :-)
Thank YOU for watching my video! All we need is low fee and high growth index fund to start the snowball rolling for retirement. In the end, I switched back to Hostplus and the fees are so much lower.
I ended up with QSuper through a new employment with a Queensland government employer. I had limitations on the hostplus insurance and the default government insurance I received from QSuper was cheaper and better suited to me. I moved from host plus mainly because of the insurance. The fees are low enough in the international and Australian shares options for me. Not as low as hostplus but the insurance saving counterbalances the fee difference.
@@yourlocaldolphin I think certain industries still keep their preferred default Super funds, but employees can switch to other Super funds now if they wish.
hi Irene very informative video thanks, I have two super funds one is Asgard (since about 1995 ) the other is NESS ( since about 2007 ) I,m paying two lots of fees should i dump Asgard ( bad reviews on internet ) and put it all into NESS, im in my early 60s.
Hi Ian! Having to pay two sets of fees are not nessacary, you may want to merge them into one. This video might help you with this ua-cam.com/video/TamduA97XK4/v-deo.html
I'm with Prime super I wanted to change my provider... As I want to transfer KiwiSaver over but prime doesn't except KiwiSaver so I'm looking into it. I'm 60 soon just want to know which would be best for my age...
Financial advisers have to act in your best interest, however, when the adviser is employed by a bank or a super fund they are automatically conflicted. Super fund advisers provide "free" intrafund advice so that you don't take your money anywhere else. Only a financial adviser who is not employed by a bank or super fund can truly act in your best interest, in my opinion.
Hi John, you can input the numbers (fee, return, monthly contributions) here --> moneysmart.gov.au/managed-funds-and-etfs/managed-funds-fee-calculator to see which one gets you a better result. Thanks for dropping by 😃
I wouldn't personally use Choiceplus or direct shares investing in my super fund due to the high volatility and active management. The added restrictions and high brokerage fees make it less worth it.
Hi Irene thanks for the informative video delivered in an easy format. Whats your take on the merged entity Australian Retirement Trust? Also where did you finally put your super into?
Thanks Justin! I think the recent merged Australian Retirement Trust offers some great investment options. I have made an updated video about picking Super funds ua-cam.com/video/U1yOTUqDczk/v-deo.html. I’m with Hostplus.
Thanks for watching! For my portfolio outside of Super, I use Core-statellite approach. 2022 has been tough for all of us, but I've been dollar cost averaging as per normal, when I have extra fund I bought more especially the major index funds are all down. Hope all is well.
Hi Irene, I just watched your video and was shocked to hear that’s the fees are not regulated. The comparison that you did is an eye opener and it should be available to all. As an employee we just go with what the company. Which industry super would you suggest for health workers so that we don’t loose our retirement money?
Hi Pushpa, it's indeed very corrupt that you may hear some of them even charged dead super customers. I wish I could give you a list of Super to look at, but according to the new ASIC law to FinFluencers, giving my opinions on financial products might breach the regulations. All I can say is to look at Super funds that have investment options with low fees with index fund holdings. Hope this helps.
Hello irene I was with sun super But now I am with a new job and there super is mercer super. Should I change back to sun super or stick with mecer. I still have my money in sun super at the moment.
Hi Shane, if you are happy with Sun Super, I would stick with it, it wouldn't cost you anything just extra steps for the employer to transfer the money in ;
Hi Irene how are you? I am 44 years old 33k on super I am with aware super What are you suggesting for me for my super growth I am Looking for lows fees and high return
Out of curiosity, when u stay with default options such as premix, or single sector such as International shares index, have you ever seen any dividends history? In your statements?
By any chance, do you have better understanding of compounding, in super funds such as single sector International shares option in qsuper etc. they are not going to increase your units for dividents. All they do is daily fluctuate unit price. in absence of new unit purchase, have you ever thought how compunding works with super? in product disclosure they have no formula or anything for compounding. All they say is compunding is everything, if u keep adding more money. in absence of new share purchases to reflect dividends, qsuper International share superficialy looks like groth stock that fluctuates value over the years with no visible compounding.
On Hostplus, there's a net investment return ($), which should be the dividend received. They use the net input (all the contributions + net investment returns - fees) to buy more units.
Hi Ravi, the biggest risk of investing in Hostplus ChoicePlus is they are not CHESS Sponsored, so Hostplus hold the ASX shares/ETFs for you. The other three factors you need to consider are: 1. High fees (portfolio adm fee, transaction account fee, ICR, brokerage and ETF mgt fee that fund provider charges) 2. Restrictions: minimum buy order is $1500, maximum 20% to single stock/ETF, maximum 80% of your Hostplus balance. 3. Limitation of investment products on the platform. Hope the info helps 😀
MLC is the WORST Fund. I was severely ripped by an Advisor plus MLC Super and stupidly their investment fund as well. Only after reading a newspaper article in 2012, I became so mad that I switched to Australian Super. Back then Australian Super seems good. Today if I was to transfer, I will probably pick another industry fund. Is it time for me to switch? I was happy with Australian Super until recently.
I'm totally with you, I seriously think I was one of the 330,000 customers that got ripped off by their so called financial planners' fees! I would suggest everyone to stay away from any of the retail Super funds, they just simply don't put members' interests first. i wonder what made you think of leaving Australian Super? I'm switching back to Hostplus as I found their total fees are still the cheapest given the similar return, and also I might use their Choiceplus option in additional to the pre-mixed one. You can check my detailed comparion chart to help you make the decision: www.patreon.com/posts/49183879 Thanks so much for dropping by, have a lovely weekend 😉
@@IreneZhu Hi Irene. sorry for the delayed response. Although I am happy with Australian Super, I think there are other better industry funds. When I first joined, they were always in the top 3. Now there are others doing better. What is stopping me from switching is that I know chasing performance will cause problems. It's nearly 9 years with Australia Super. I use this website to compare Super: www.selectingsuper.com.au/tools/performance_tables OR in more detail: www.selectingsuper.com.au/media/library/SelectingSuper/Performance_Tables/PersonalSuper_Balanced.pdf?f97e5
Hi Grant! I'm with ING bank and for Super I switched back to Hostplus in the end. I had a quick glance of ING Super, 0.25% isn't the total cost, you have to add up their adm fee ($5 per month), buy & sell cost as well as ICR (indirect cost ratio) for each investment option. Even for Australian Super, there is $117 p.a adm fee + 0.18% (investment + ICR) investment option. Small difference of fees can really make distinctive outcome when we retire! You can check my detailed Super comparison with fees & returns for the 5 Industry Super funds 📌www.patreon.com/irenezhu and plug the numbers into this calculator 🧮 moneysmart.gov.au/managed-funds-and-etfs/managed-funds-fee-calculator Thanks for dropping by!
Hi Irene, I can't begin to tell you how grateful I am for your follow up to my comment. People are so paranoid about the concept of giving financial advice these days. And yet all you are doing is sharing facts and figures that appear after doing research. Then it is up to the investor to use this information to their advantage. Anyway, just one thing that shocked me a bit about ING is that, in addition to the relatively minor (to me) $60 admin fee, is the further 0.5% admin fee on the balance, which is capped at a staggering $2380. I wonder if you noticed that one. And, am I somehow getting it wrong, as it seems a bit extreme. Cheers and thanks Grant@@IreneZhu
Hi Grant, thanks so much for kind words, appreciated it! I guess those online financial experts who are so paranoid might have been sued before? Not sure, but like what you said, we need to stick to the facts more🙂 For ING Super, that was my oversight and 0.5% seems A LOT for just adm fee ( capped at $2500 p.a means investors need to have $500k balance to make this cap worth!) and still need to add up buy/sell cost + ICR, then ING Super is not cheap! Worth shop around for a better one (exit fee is Nil 🤫)
@@IreneZhu also look for caps in admin fees guys. Example rest is 300 per annum. Q super is at 900 per annum. And anz SmartChoice doesn’t have one. If you aspire to get to the max of 1.7 mio by retirement that’s many thousands a year just in admin unless you have a cap on the fees. Please consider and comment on your experiences.
Hi Irene. Love your vlog. Have subscribed. Is it in your opinion a fact that industry super has lower admin costs because they are capped, or is there no hard and fast of industry versus retail. What’s your experience. I know anz is a joke so I’m leaving finally. Any thoughts or anyone else?
Thanks so much for watching and subscribing my channel 😁 The retail Super Funds such as the big 4 banks have high overheads and they are public companies essentially with sales target and Net income goals to achieve for their shareholders. So it’s not surprising the fees are among the most expensive tier. I was with Hostplus then got “hooked” by the financial advisor from MLC (NAB’s subsidiary) when we were having a meeting with NAB, paid her fees for no valuable services. Lesson learnt, now I switched back to Hostplus ironically. I’m totally done with the Big 4 for everyday banking, BUT they can be good stocks for the dividend investing as they know how to make money from the customers. One of the audiences said to me he’s using REST Super, I’ve added to my comparison chart 👉🏻www.patreon.com/posts/49183879 have a lovely weekend!
@@IreneZhu yep I’ve looked recently at rest but whilst their caps on admin fees are great, their performance fees (base and tiered ) are as bad as the big four. Hoping that this Govt initiated comparison tool looks at gross ( before fees ) and effective ( after fees ) returns when it’s finally published, else I may need to do a spreadsheet across different buckets from 50 k to 1.7 mio. Am in cash now and waiting to put money to work again.
@@Bokgat That sounds great, you can share with us with the top options after you compare if you don't mind as many of us here are very eager to know ;)
I was with BT super on westpac, just recently I think they closed down OR merged with Mercer ... I'm not a fan of Mercer and now I'm trying to find a super that I like ... I'm 40 single and working 2 part time jobs (sort of 2nd job on n off) I'm looking I'm hoping to retire very early age 50- but no later then 60 years ... I have no house but looking at buying soon maybe next year. Have no debt except small CC paying off next pay check. After that I'll be putting $$$ into house and Super ... But choosing right super so damn tough here in Aus/Syd.
Super fund industry is a muddy area as they are not regulated and transparent enough. I would suggest try to pick an option that has broad market index funds (avoid high-fee low-performance funds), see if this video can give you any idea ua-cam.com/video/U1yOTUqDczk/v-deo.html You mentioned you want to retire before 60, based on the rule of thumb of FIRE (Financial Independence Retire Early), as long as you save & invest 65%-70% of your bring home income, you can retire in 8-10 years. so very hopeful! Look luck on your journey and hopefully you can find the right Super fund soon.
I'm with West State WA super fund for teachers. Its difficult to work out their cost, but I think its going ok. Wont be hitting the million though by the time I retire!
Thanks for your comment! I had a quick look at West State WA Super. As I don't know which investment plan you are with, here is the fee structure for each option: TOTAL COST=1+2 1, Adm fee: $66 p.a. + 0.04% p.a. x balance 2, Indirect Cost Ratio: Growth: 0.53% My West State Super: 0.43% Conservative:0.29% Cash: 0.06% annual RETURN as below 10 yr since inception Growth: 8.18% 6.64% My West State Super: 7.67% 6.66% Conservative: 5.46% 5.69% Cash: 2.69% 3.96% Now you can plug in the numbers into this calculator--> moneysmart.gov.au/how-super-works/superannuation-calculator to work out how much contribution (both before & after-tax) you need to make to achieve your target number 😀 Sorry was getting a little nerdy...but nothing is impossible🤓 Thank you for watching my video, have a lovely weekend!
@@IreneZhu Industry fund do rock hahaha. sorry about your bad experience with MLC Financial Planners. most Financial Planners are clueless. i have never meet a person who can recommend a Financial Planner, probably bc they don't know one or one that is good, hahahha if you need a Will and Estate Panning you go to a Lawyer expert in Wills and Estate Planning. If your Will is not complicated, get a Post office Will kit. in my years of helping people for free, i notice people who are lazy to learn finance or are disinterested in there retirement or money until they are older in life, are the ones easiest to get in scammed by financial schemes.
hello im 64 still working for time only have $230k in super which is with my north and i dont have a financial adviser and not sure what to do now ? thanks Steve/geraldton W.A.
Hi Steve, thanks for writing to me. While I can't give you financial advice, but I quickly checked your Mynorth Super, the fees for index options seem reasonable. www.northonline.com.au/content/dam/product/mynorth/MyNorth_SuperPension_PDS.pdf (page 37-39)
Hi Irene, great video. It was very informative. I would love to ask you a few more questions for a super comparison task I have for University, that I have some uncertainties about. I sent you an invite on LinkedIn if you are keen to have a chat. Cheers, Richard
Very helpful video Irene. You are humble enough to admit when you make an error or fail an exam. It's a great experience to share when you have made a mistake but have learned a lesson from your experience.
Thanks for your time to watch!
Thank you for your balanced and well researched video. We need to make this information accessible for as many people as possible. There are too many 'finance' people in the industry scamming us all.
Unfortunately Australian Super industry is still a scamming industry after several regulations were reinforced. We customers need to choose carefully. Thanks for stopping by Richard!
A friend of mine in 2006 was a Business Development Manager for Professional Investment Services,PIS.He got me an interview with another BDM concerning hiring so I brushed up on market conditions and government policy etc.In the interview this manager simply stated that my mate had informed her that I was ell versed in this regard and the rest of the interview was about legal disclosure, as in don't disclose so much as a full stop beyond legislative requirements and what sales experience I had.In summary I determined the many Financial planners are shop assistants in suits who funnel clients to the funds who give the biggest kick backs to the planners,appalling unethical in my view.It's easy to see how you fell into the sales trap you did as they are very slick.
Thank you very much for the details explanation including your personal experience. I am with Tasplan superfund in Tasmania. I am happy with it. It is merging with MTAA fund now to lower the fees and, changing name to SpiritSuper :-)
Thank YOU for watching my video! All we need is low fee and high growth index fund to start the snowball rolling for retirement. In the end, I switched back to Hostplus and the fees are so much lower.
@@IreneZhu Hi Irene. So you switched back to Host plus after this video because they have the lowest fees?
@@benno_360 Hi Benjamin, I'm with Hostplus now, but I tend to do yearly review to see if I should stay or switch.
I ended up with QSuper through a new employment with a Queensland government employer. I had limitations on the hostplus insurance and the default government insurance I received from QSuper was cheaper and better suited to me. I moved from host plus mainly because of the insurance. The fees are low enough in the international and Australian shares options for me. Not as low as hostplus but the insurance saving counterbalances the fee difference.
Thanks for sharing your experience! Good to know QSuper offers cheaper insurance 😃
@@yourlocaldolphin I think certain industries still keep their preferred default Super funds, but employees can switch to other Super funds now if they wish.
Check out the infographic chart of my detailed Super comparison👉www.patreon.com/posts/super-comparison-49183879?
hi Irene very informative video thanks, I have two super funds one is Asgard (since about 1995 ) the other is NESS ( since about 2007 ) I,m paying two lots of fees should i dump Asgard ( bad reviews on internet ) and put it all into NESS, im in my early 60s.
Hi Ian! Having to pay two sets of fees are not nessacary, you may want to merge them into one. This video might help you with this ua-cam.com/video/TamduA97XK4/v-deo.html
I'm with Prime super I wanted to change my provider... As I want to transfer KiwiSaver over but prime doesn't except KiwiSaver so I'm looking into it. I'm 60 soon just want to know which would be best for my age...
QSuper and Sunsuper are merging, should be interesting that amalgamation!
Thanks for sharing, good to know!
Financial advisers have to act in your best interest, however, when the adviser is employed by a bank or a super fund they are automatically conflicted. Super fund advisers provide "free" intrafund advice so that you don't take your money anywhere else.
Only a financial adviser who is not employed by a bank or super fund can truly act in your best interest, in my opinion.
Is hostplus balanced or index balanced better? Index has lower fees and balanced has higher return but so confusing to decide!
Hi John, you can input the numbers (fee, return, monthly contributions) here --> moneysmart.gov.au/managed-funds-and-etfs/managed-funds-fee-calculator to see which one gets you a better result. Thanks for dropping by 😃
Is there any risk to invest choice plus in Hosplus? If the investment returns are good?
I wouldn't personally use Choiceplus or direct shares investing in my super fund due to the high volatility and active management. The added restrictions and high brokerage fees make it less worth it.
@@IreneZhu I understand now, thanks for your advice
Thank you irene.. very insighfull...
Thanks for dropping by 😁
Hi Irene thanks for the informative video delivered in an easy format. Whats your take on the merged entity Australian Retirement Trust? Also where did you finally put your super into?
Thanks Justin! I think the recent merged Australian Retirement Trust offers some great investment options. I have made an updated video about picking Super funds
ua-cam.com/video/U1yOTUqDczk/v-deo.html. I’m with Hostplus.
@@IreneZhu thanks for your informative information, what is your investment options strategy for this current difficult market?
Thanks for watching! For my portfolio outside of Super, I use Core-statellite approach. 2022 has been tough for all of us, but I've been dollar cost averaging as per normal, when I have extra fund I bought more especially the major index funds are all down. Hope all is well.
Hi Irene,
I just watched your video and was shocked to hear that’s the fees are not regulated. The comparison that you did is an eye opener and it should be available to all.
As an employee we just go with what the company. Which industry super would you suggest for health workers so that we don’t loose our retirement money?
Hi Pushpa, it's indeed very corrupt that you may hear some of them even charged dead super customers. I wish I could give you a list of Super to look at, but according to the new ASIC law to FinFluencers, giving my opinions on financial products might breach the regulations. All I can say is to look at Super funds that have investment options with low fees with index fund holdings. Hope this helps.
They should show this video in schools
Hello irene
I was with sun super
But now I am with a new job and there super is mercer super.
Should I change back to sun super or stick with mecer. I still have my money in sun super at the moment.
Hi Shane, if you are happy with Sun Super, I would stick with it, it wouldn't cost you anything just extra steps for the employer to transfer the money in ;
@@IreneZhu
Thank you.
Your awesome
Hi Irene how are you?
I am 44 years old 33k on super
I am with aware super
What are you suggesting for me for my super growth
I am
Looking for lows fees and high return
Hello 👋 you can look at Hostplus or Rest, which offer index fund options.
Out of curiosity, when u stay with default options such as premix, or single sector such as International shares index, have you ever seen any dividends history? In your statements?
By any chance, do you have better understanding of compounding, in super funds such as single sector International shares option in qsuper etc. they are not going to increase your units for dividents. All they do is daily fluctuate unit price. in absence of new unit purchase, have you ever thought how compunding works with super? in product disclosure they have no formula or anything for compounding. All they say is compunding is everything, if u keep adding more money. in absence of new share purchases to reflect dividends, qsuper International share superficialy looks like groth stock that fluctuates value over the years with no visible compounding.
On Hostplus, there's a net investment return ($), which should be the dividend received. They use the net input (all the contributions + net investment returns - fees) to buy more units.
@@IreneZhu thanks for confirming. Qsuper is not increasing units . ☹️
@@VV-lr7xe That's odd.
There are no more commissions on investments and super in Australia.
You are right George, not anymore, Royal Commission had to step in to look at the misconduct in the industry. Thanks for stopping by!
What about super funds which allow you direct investment into ASX? e.g. Hostplus Choice Plus? Are there any major risks here?
Hi Ravi, the biggest risk of investing in Hostplus ChoicePlus is they are not CHESS Sponsored, so Hostplus hold the ASX shares/ETFs for you. The other three factors you need to consider are:
1. High fees (portfolio adm fee, transaction account fee, ICR, brokerage and ETF mgt fee that fund provider charges)
2. Restrictions: minimum buy order is $1500, maximum 20% to single stock/ETF, maximum 80% of your Hostplus balance.
3. Limitation of investment products on the platform.
Hope the info helps 😀
Thanks @@IreneZhu, makes sense and appears to add a fair bit of complexity to the entire super management component.
MLC is the WORST Fund. I was severely ripped by an Advisor plus MLC Super and stupidly their investment fund as well. Only after reading a newspaper article in 2012, I became so mad that I switched to Australian Super. Back then Australian Super seems good. Today if I was to transfer, I will probably pick another industry fund.
Is it time for me to switch? I was happy with Australian Super until recently.
I'm totally with you, I seriously think I was one of the 330,000 customers that got ripped off by their so called financial planners' fees! I would suggest everyone to stay away from any of the retail Super funds, they just simply don't put members' interests first. i wonder what made you think of leaving Australian Super? I'm switching back to Hostplus as I found their total fees are still the cheapest given the similar return, and also I might use their Choiceplus option in additional to the pre-mixed one. You can check my detailed comparion chart to help you make the decision: www.patreon.com/posts/49183879 Thanks so much for dropping by, have a lovely weekend 😉
@@IreneZhu Hi Irene. sorry for the delayed response. Although I am happy with Australian Super, I think there are other better industry funds. When I first joined, they were always in the top 3. Now there are others doing better. What is stopping me from switching is that I know chasing performance will cause problems. It's nearly 9 years with Australia Super. I use this website to compare Super:
www.selectingsuper.com.au/tools/performance_tables
OR
in more detail:
www.selectingsuper.com.au/media/library/SelectingSuper/Performance_Tables/PersonalSuper_Balanced.pdf?f97e5
@@IreneZhu There's a lot of work on your vid and that page. Thank you. My comparison is just superficial.
Thank you! I tried 😂
ING Super. Although a retail fund it's Investment fees are only 0.25% as against Aust Super having 0.5%.
Seems to be ok? Thoughts?
Hi Grant! I'm with ING bank and for Super I switched back to Hostplus in the end. I had a quick glance of ING Super, 0.25% isn't the total cost, you have to add up their adm fee ($5 per month), buy & sell cost as well as ICR (indirect cost ratio) for each investment option. Even for Australian Super, there is $117 p.a adm fee + 0.18% (investment + ICR) investment option. Small difference of fees can really make distinctive outcome when we retire! You can check my detailed Super comparison with fees & returns for the 5 Industry Super funds 📌www.patreon.com/irenezhu and plug the numbers into this calculator 🧮 moneysmart.gov.au/managed-funds-and-etfs/managed-funds-fee-calculator Thanks for dropping by!
Hi Irene,
I can't begin to tell you how grateful I am for your follow up to my comment.
People are so paranoid about the concept of giving financial advice these days.
And yet all you are doing is sharing facts and figures that appear after doing research.
Then it is up to the investor to use this information to their advantage.
Anyway, just one thing that shocked me a bit about ING is that, in addition to the relatively minor (to me) $60 admin fee, is the further 0.5% admin fee on the balance, which is capped at a staggering $2380.
I wonder if you noticed that one. And, am I somehow getting it wrong, as it seems a bit extreme.
Cheers and thanks
Grant@@IreneZhu
Hi Grant, thanks so much for kind words, appreciated it! I guess those online financial experts who are so paranoid might have been sued before? Not sure, but like what you said, we need to stick to the facts more🙂 For ING Super, that was my oversight and 0.5% seems A LOT for just adm fee ( capped at $2500 p.a means investors need to have $500k balance to make this cap worth!) and still need to add up buy/sell cost + ICR, then ING Super is not cheap! Worth shop around for a better one (exit fee is Nil 🤫)
@@IreneZhu also look for caps in admin fees guys. Example rest is 300 per annum. Q super is at 900 per annum. And anz SmartChoice doesn’t have one. If you aspire to get to the max of 1.7 mio by retirement that’s many thousands a year just in admin unless you have a cap on the fees. Please consider and comment on your experiences.
@@Bokgat Very good tip 👏 thanks for sharing!
Hi Irene. Love your vlog. Have subscribed. Is it in your opinion a fact that industry super has lower admin costs because they are capped, or is there no hard and fast of industry versus retail. What’s your experience. I know anz is a joke so I’m leaving finally. Any thoughts or anyone else?
Thanks so much for watching and subscribing my channel 😁 The retail Super Funds such as the big 4 banks have high overheads and they are public companies essentially with sales target and Net income goals to achieve for their shareholders. So it’s not surprising the fees are among the most expensive tier. I was with Hostplus then got “hooked” by the financial advisor from MLC (NAB’s subsidiary) when we were having a meeting with NAB, paid her fees for no valuable services. Lesson learnt, now I switched back to Hostplus ironically. I’m totally done with the Big 4 for everyday banking, BUT they can be good stocks for the dividend investing as they know how to make money from the customers. One of the audiences said to me he’s using REST Super, I’ve added to my comparison chart 👉🏻www.patreon.com/posts/49183879 have a lovely weekend!
@@IreneZhu yep I’ve looked recently at rest but whilst their caps on admin fees are great, their performance fees (base and tiered ) are as bad as the big four. Hoping that this Govt initiated comparison tool looks at gross ( before fees ) and effective ( after fees ) returns when it’s finally published, else I may need to do a spreadsheet across different buckets from 50 k to 1.7 mio. Am in cash now and waiting to put money to work again.
@@Bokgat That sounds great, you can share with us with the top options after you compare if you don't mind as many of us here are very eager to know ;)
I was with BT super on westpac, just recently I think they closed down OR merged with Mercer ... I'm not a fan of Mercer and now I'm trying to find a super that I like ...
I'm 40 single and working 2 part time jobs (sort of 2nd job on n off) I'm looking I'm hoping to retire very early age 50- but no later then 60 years ... I have no house but looking at buying soon maybe next year.
Have no debt except small CC paying off next pay check. After that I'll be putting $$$ into house and Super ...
But choosing right super so damn tough here in Aus/Syd.
Super fund industry is a muddy area as they are not regulated and transparent enough. I would suggest try to pick an option that has broad market index funds (avoid high-fee low-performance funds), see if this video can give you any idea ua-cam.com/video/U1yOTUqDczk/v-deo.html You mentioned you want to retire before 60, based on the rule of thumb of FIRE (Financial Independence Retire Early), as long as you save & invest 65%-70% of your bring home income, you can retire in 8-10 years. so very hopeful! Look luck on your journey and hopefully you can find the right Super fund soon.
I'm with West State WA super fund for teachers. Its difficult to work out their cost, but I think its going ok. Wont be hitting the million though by the time I retire!
Thanks for your comment! I had a quick look at West State WA Super. As I don't know which investment plan you are with, here is the fee structure for each option:
TOTAL COST=1+2
1, Adm fee: $66 p.a. + 0.04% p.a. x balance
2, Indirect Cost Ratio:
Growth: 0.53%
My West State Super: 0.43%
Conservative:0.29%
Cash: 0.06%
annual RETURN as below
10 yr since inception
Growth: 8.18% 6.64%
My West State Super: 7.67% 6.66%
Conservative: 5.46% 5.69%
Cash: 2.69% 3.96%
Now you can plug in the numbers into this calculator--> moneysmart.gov.au/how-super-works/superannuation-calculator to work out how much contribution (both before & after-tax) you need to make to achieve your target number 😀 Sorry was getting a little nerdy...but nothing is impossible🤓 Thank you for watching my video, have a lovely weekend!
Irene Zhu wow! Thank you so much for that. Really appreciate it. I’ll check out the number in the calculator.
And Government Super funds too
Yes of course, I should change my title to “industry Super Funds” 😉
@@IreneZhu Industry fund do rock hahaha.
sorry about your bad experience with MLC Financial Planners.
most Financial Planners are clueless. i have never meet a person who can recommend a Financial Planner, probably bc they don't know one or one that is good, hahahha
if you need a Will and Estate Panning you go to a Lawyer expert in Wills and Estate Planning.
If your Will is not complicated, get a Post office Will kit.
in my years of helping people for free, i notice people who are lazy to learn finance or are disinterested in there retirement or money until they are older in life, are the ones easiest to get in scammed by financial schemes.
Is this video still valid in 2024?
There's an updated video ua-cam.com/video/U1yOTUqDczk/v-deo.htmlsi=tjO0rpTzigiyyIOw
AUSTRALIN SUPER THE WORST
Why?
hello im 64 still working for time only have $230k in super which is with my north and i dont have a financial adviser and not sure what to do now ? thanks Steve/geraldton W.A.
Hi Steve, thanks for writing to me. While I can't give you financial advice, but I quickly checked your Mynorth Super, the fees for index options seem reasonable. www.northonline.com.au/content/dam/product/mynorth/MyNorth_SuperPension_PDS.pdf (page 37-39)
Hi Irene, great video. It was very informative. I would love to ask you a few more questions for a super comparison task I have for University, that I have some uncertainties about. I sent you an invite on LinkedIn if you are keen to have a chat.
Cheers, Richard
Hi Richard, I have responded to your email 😉