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Navigating superfund choices

I have just changed from being a contractor to an employee, although I am in the same job, and I have to supply my super details. What is the best way to go about choosing a fund? I’m single and 22 years old. Are certain funds better than others?

There most certainly are better funds than others, and here are five tips on how you go about finding out:

  1. Firstly, make sure you are investing with a specific purpose in mind. Set yourself some goals with timeframes and prioritise these goals. This will help determine what type of risk you are willing to take. For example, do you want a long-term investment with low risk, or do you want a more aggressive investment?
  2. Like many products and services, you should seek advice from people you know and trust. You should ask friends, colleagues, your accountant and/or other professional advisers about different products.
  3. If you outsource the decision to an adviser, you'll need a good one – and only deal with an ASIC-licensed adviser.
  4. Read the product disclosure document thoroughly.
  5. Compare the fees between products – higher fees affect your investment returns over time.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Friday, July 30, 2010

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