When choosing Super – it’s best to think of purchasing a new car. Comfort, safety and value are common considerations when purchasing a new vehicle and it holds true when choosing the right super fund for you. Here are some of the considerations in detail:
Safety. Cars often boast of safety features that are often used to entice buyers. With Super, these safety features come in the form of risk protection. Make sure that you choose that the Super fund has enough insurance to protect your finances and well being.
Speed. How fast would you want your super to grow, and if it is growing too fast, are the chances of a crash more likely to occur? There are several Super investments that are highly volatile but pay off faster, and those that are slow but safer for people closing in on retirement.
Maintenance. Do you have enough to fuel your car and get to your destination? Can you afford maintenance costs that will avoid your car from breaking down? For your Super, learn in advance if there are any fees or extra expenses along the way.
Brand. Established brands in the market normally dominate the car industry. You should choose the best Super fund in the market to ensure that it is well managed and complies with policy.
User Manual. It normally takes time for you to get a good grip of a new car’s features, similar to Super funds. The main difference though – is that with Super, you don’t have the luxury of time. There are times you need to get a hold of an expert to show you the features of your car – in Super’s case, your financial planner.
Read more about this on the Sydney Morning Herald website.