Superannuation expert Pascale Helyar-Moray says you could be costing yourself in retirement if you don’t check in on your nest egg regularly. (Source: Getty) <\/p>\n
Australians are being urged not to be “lazy”<\/a> with their superannuation<\/a> and ensure their nest eggs are in the best possible accounts<\/a>. For many, super might be something that gets created for you<\/a>, and it’s a set-and-forget asset that bubbles away without much thought.<\/p>\n New research from Finder revealed 32 per cent of people were still with the same default super fund<\/a> from their first employer<\/a>. While that might not necessarily be a bad thing, Finder superannuation literacy expert Pascale Helyar-Moray<\/a> told Yahoo Finance Aussies should grab their super by the horns and make more informed decisions about it.<\/p>\n “Review your super fund performance regularly. Put very simply, performance should be high, and fees should be low<\/a>,” she said.<\/p>\n The Australian Taxation Office (ATO) has a free service<\/a> that allows you to check your super fund’s performance and fees against others.<\/p>\n All you have to do is put your age and super balance amount into the tool, and you can be shown dozens of options.<\/p>\n Yahoo Finance tested this and found 54 different funds to choose from, with the lowest 10-year net return rate being 5.55 per cent and the highest being 7.66 per cent.<\/p>\n That lowest account had a $671 annual fee, while the highest cost $1,121 per year.<\/p>\n Do you have a story? Email stew.perrie@yahooinc.com<\/p>\n Finder revealed that if you had $100,000 in your super balance, you could increase your nest egg by $186,876 over 30 years if your average rate of return (excluding fees) was increased from 6 per cent to 7 per cent.<\/p>\n It said that failing to move your super to a better fund and getting a bigger nest egg was like getting hit with a “lazy tax”.<\/p>\n The consumer group’s research showed that 26 per cent of people were with the default super of their current employer, while 41 per cent were with a fund of their choice.<\/p>\n Helyar-Moray told Yahoo Finance it’s good to have a regular “pulse-check” on your fund to make sure the investment choices are right for your age.<\/p>\n When you’re younger, you might have a higher risk appetite, which could lessen over the decades as you approach retirement and want to be less at the whim of major market changes.<\/p>\n But the superannuation expert said everyone was different, and that’s why they need to be in more control of their retirement fund.<\/p>\n Story Continues <\/p>\n “Super funds or your financial advisor can give you this advice,” she said.<\/p>\n “Just because you hit the age of 60, for example, it doesn’t mean that you should automatically change gears when it comes to your risk profile.<\/p>\n “If you’re planning on retiring at 70, for example, then it might not be appropriate to do it.”<\/p>\n Finder revealed earlier this year that Aussies were wasting an eye-watering amount of money<\/a> from being lazy.<\/p>\n Also called a “loyalty tax”, the consumer group found Aussies paid $4.5 billion from sticking with the same electricity<\/a>, mobile and broadband providers in 2023, when they could have found cheaper options elsewhere.<\/p>\n That\u2019s $331 per person.<\/p>\n \u201cThese are all utilities you can\u2019t do without. But that doesn\u2019t mean you should be stuck paying more than you need to,\u201d Finder tech and utilities expert Mariam Gabaji said.<\/p>\n \u201cProviders really want your business \u2013 for example, some energy companies are offering $150 in credit or up to 15,000 Qantas points.<\/p>\n \u201cIf you haven\u2019t switched utility providers \u2013 be it electricity, internet, or phone \u2013 in the last 12 months, you\u2019re probably paying too much.\u201d<\/p>\n Recent data from Westpac<\/a> also found that three in 10 Aussies admitted to losing up to $600 a year on duplicate subscription services and apps they no longer use.<\/p>\n The most common reason for overspending was forgetting to cancel a trial before auto-renewal (38 per cent), followed by paying for subscriptions they had forgotten about (32 per cent), and difficulty cancelling a subscription (31 per cent).<\/p>\n Get the latest Yahoo Finance news – follow us on Facebook<\/a>, LinkedIn<\/a> and Instagram<\/a>.<\/p>\n Aussies have been urged to have a check on their superannuation performance to make sure it’s right for their age and risk appetite. (Source: Getty) \u00b7 courtneyk via Getty Images <\/p>\n