Tips on What Superannuation to Go with?

LProdigyInspired on 09/12/2019 - 20:51

I'm a 20 y/o uni student, worked for like half a year two years ago, so I have around $300 in my superannuation under REST Core Strategy (worked at fast food)

Currently doing an internship at an accounting firm and my super has been brought back to attention.

I've had my insurance on and recently turned it off to lower fees. Am now paying a 2c admin fee and around $5.20-6.50/month admin fee.

Internship will pay 30/hour, lasting about 2 months. Still have about 1.5 years of study left (StudentSuper?).

Any thoughts on what would be good for me due to my low balance? I've seen recommendations of HostPlus, AusSuper etc but not too sure

Financial Superannuation

Comments

  • [Deactivated] on 09/12/2019 - 20:58
    +1

    Any industry super fund is generally fine. Just stick to having one account.
    If you have capacity with your low income try to take advange of the government co-contribution https://www.ato.gov.au/Individuals/Super/In-detail/Growing-y…
    The aim of the game is to get your balance high enough the returns out weighs your fees.

    • ProdigyInspired on 09/12/2019 - 21:10

      The super co-contribution still requires me to have a super account correct? So that would be another decision in itself?

      I mostly understand the co-contribution requirements, thank you.

  • dcep on 09/12/2019 - 20:58
    +5

    hostplus $78 pa admin fee
    opt for indexed balanced fund - investment fee 0.02%
    opt out life insurance
    opt out tpd disability insurance
    don't take income protection insurance

    advice above for reference only, do your own research

  • ProdigyInspired on 09/12/2019 - 21:24

    I think I'll opt out from REST into Hostplus for now before I forget and go with the 100% equity fund i.e. the indexed balanced, does not seem to be a bad choice at all

  • samcro on 09/12/2019 - 21:24

    Stick with REST for now, you already have an account. The returns are not too bad.

    • ProdigyInspired on 09/12/2019 - 21:27

      The fees honestly seem high for my liking. At a low balance this seems detrimental

  • Johche on 09/12/2019 - 21:30

    Student Super? I think they have 0 fees for low balances. Just check for transfering out fees later on into Hostplus/Compare performance but they are generally the same? Main difference is the fees.

    • ProdigyInspired on 09/12/2019 - 21:45

      Yea, they have 0 fees for balances under $1000.

      By the end of this job I'll end up with over $1000 so I think it won't be worth copping the switching fee

  • twinbag on 09/12/2019 - 22:46

    Fee comparison tool here, but the minimum balance you can select is $5,000.

    https://virginmoney.com.au/superannuation/tools-and-calculat…

Login or Join to leave a comment
Login Join