Time to switch? The top performing superannuation funds are revealed - showing how much money you COULD be earning for your retirement
- Top earning superannuation funds in one year and 10 years have been revealed
- The highest earning funds give an investment return of just under 10 per cent
- Australians have $2 trillion in superannuation, behind the US, UK, and Japan
The top performing superannuation funds have been revealed - showing Australians just how much they could be earning for their retirement.
Over the last financial year to the end of June 2019, the top growth fund is UniSuper at a 9.9 per cent return.
This is closely followed by QSuper which has seen investments earn 9.7 per cent over the last 12 months, according to SuperRatings.
'Fund performance comes down to domestic and international shares,' finance expert Effie Zahos told the Today Show.
Scroll down for video
Over the last financial year to the end of June 2019, the top growth fund is UniSuper at a 9.9 per cent return
'Most Australians have a balanced fund, which has about half their money in shares, and despite the volatility, they've had a good run.
'Look at the ASX200 now and that's a lot of the reason super funds have performed well.'
Australians currently have a total of about $2 trillion sitting in superannuation, according to regulator APRA.
Share this article
That's the fourth biggest amount in the world behind the US, UK, and Japan.
That amount of money in the super industry is also very profitable for investment funds.
There has been about $230 billion collected in superannuation fees over the last 10 years, according to research firm Rainmaker.
The top performing growth funds over the last decade have also seen returns at about 9 per cent. AustralianSuper tops the list at 9.8 percent and in the second spot is Hostplus at 9.7 per cent.
Australians currently have a total of about $2 trillion sitting in superannuation
Budgeting expert and Keep Calm Get Organised founder, Michelle Thompson-Laing, 32, recently put together figures about how much you should have put away by your 30s, 40s and 50s.
By 30, experts suggest people should have their yearly income in savings (including superannuation) of $70,944, according to the Australian Bureau of Statistics.
Those in their thirties should save 12.5 per cent of their gross income each year and have emergency savings to cover at least three to six months of expenses at all times, finance author David Bach told Business Insider Australia.
This means they should be saving an average of $8,800 per year during this decade in addition to emergency savings.
By 40, people should have three times their income saved and with the average salary for Australians in their 40s averaging $71,136, savings should be sitting at $213,408 including super.
They should also save 15 per cent of their gross income each year during this decade and have six to 12 months worth of expenses in emergency savings at all times.
Therefore, Australians should be saving an average of $10,670 per year during this decade in addition to emergency savings.
For those in their mid 50s, the average Australian income drops to $63,432 so they are expected to have six times their salary - approximately $380,592 saved, including superannuation.
They should be saving 20 per cent of their gross income each year ($12,686) and have 12 to 24 months of emergency savings in the bank at all times.
Comments 0
Share what you think
No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards.
