Now that you’ve hit your fifties, you’ve likely got a good amount of experience under your belt, but you may still have a significant chunk of your working life ahead of you. With that in mind, it may be a good idea to double-check your super is in a good place, so that it can grow as much as possible before you retire. One of the most important choices you can make in relation to your super is which fund you’re with, and it’s a choice that could make a significant difference to the amount of super you have at retirement.
We’ve listed super funds that received a 5-Star Rating for 50-59 year-olds with super balances ranging from $0 to $55,000 up to over $750,000.
Canstar considers factors such as investment performance, fees, and features when assessing its Superannuation Star Ratings. After assessing the super products on our database, we then recognise the top-performers with a 5-Star Rating. What makes for a 5-Star Rated product can differ depending on your personal circumstances. That’s why Canstar assesses superannuation products across 25 different consumer profiles which vary by age and account balance.
The tables below display the 5-Star Rated super funds on Canstar’s database in each balance bracket (as rated in our latest Superannuation Star Ratings) for Australians aged between 50 and 59:
Balances between $0 and $55,000
The table below displays a snapshot of the 5-star super funds on Canstar’s database for 50-59 year olds with a super balance between $0 and $55,000, sorted by provider name (alphabetically).
Balances between $55,000 and $100,000
The table below displays a snapshot of the 5-star super funds on Canstar’s database for 50-59 year olds with a super balance between $55,000 and $100,000, sorted by provider name (alphabetically).
Balances between $100,000 and $250,000
The table below displays a snapshot of the 5-star super funds on Canstar’s database for 50-59 year olds with a super balance between $100,000 and $250,000, sorted by provider name (alphabetically).
Balances between $250,000 and $750,000
The table below displays a snapshot of the 5-star super funds on Canstar’s database for 50-59 year olds with a super balance between $250,000 and $750,000, sorted by provider name (alphabetically).
Balances $750,000 and above
The table below displays a snapshot of the 5-star super funds on Canstar’s database for 50-59 year olds with a super balance of $750,000 or more, sorted by provider name (alphabetically).
How does your super balance stack up?
While you are taking a closer look at your super account, you might also be interested in seeing how you stack up against Australians of similar ages and genders. According to a recent report by the Association of Superannuation Funds of Australia (ASFA), Australian employees in their 50s have the following balances on average (mean):
Average superannuation balances for employees aged 50–59
| Age | Male | Female |
|---|---|---|
| 50 to 54 | $242,007 | $159,188 |
| 55 to 59 | $311,163 | $207,254 |
Source: ASFA.
For a ‘comfortable’ lifestyle in retirement, ASFA says that a single person will need $545,000 and a couple will need $640,000 in super at retirement. This assumes the retiree draws down all their capital and receives a part Age Pension. If you’re wondering how much super you would need right now to get there, read our deep dive on how much super you should have at your age.
Four tips to boost your super
If you think your super could do with a boost, Canstar’s Group Manager for Research and Ratings, Mitch Watson, says you could consider doing the following four things:
- Check your fees: “Fees have a large impact on your balance proportionally, so make sure you aren’t being overcharged.”
- Assess your insurance coverage: “Is insurance critical for you, and if so, is taking out a policy within your super the best option for you? Premiums may increase as you get older so these questions are worth asking.”
- Select the right investment option: “Understand which investment option you are in and consider if it’s the right one for your lifestage and risk profile. Investing in cash isn’t necessarily going to grow your super balance at a quick pace; and conversely, going into aggressive could actually reduce your balance in the short term.”
- Consider making additional contributions to grow your balance: “Compulsory contributions will grow over the next few years but a bit extra now can really help you in the future.”
You can compare superannuation products by fees, performance, features and investment options with Canstar. If you need help with your super, consider getting in touch with your super fund or speaking to a financial adviser.
You might also be interested in reading about your superannuation options if you are over 55.
Cover image source: Krakenimages.com/Shutterstock.com
This article was originally written by James Hurwood.