How many super funds can you have?
Personal choice. You can also actively choose to have more than one super account, and some find doing so easier to manage. You might do this if you want to increase the variety of investment options or take advantage of the insurance cover in a certain fund.
| Your situation | Asset Limit | |
|---|---|---|
| Single | $667,500 | $909,500 |
| A couple, combined | $1,003,000 | $1,245,000 |
| A couple, separated due to illness, combined | $1,183,000 | $1,425,000 |
| A couple, one partner eligible, combined | $1,003,000 | $1,245,000 |
Are there costs for changing super funds? No – super funds aren't allowed to charge exit fees when you leave their super fund and switch to a new one. But some super funds have other fees or tax impacts when you switch funds. Such as a buy/sell spread fee when they cash out your investment.
You can receive the super as either a lump sum or as regular payments (income stream).
Using your Australian Taxation Office (ATO) online services through myGov, you can check your super, combine accounts and search for lost super.
Having more than one super account could mean you're paying multiple fees and charges, which may reduce your retirement savings. You can consolidate multiple accounts using ATO online services.
Potential for lower retirement savings
Having your super spread out across multiple accounts can make it harder to track your money's growth or make good investment choices on top of paying multiple superannuation fees and insurance premiums. This can leave you at risk of low retirement savings.
Many Australians are not aware that their superannuation includes insurance for life, disability, and income protection. Switching funds may result in the cancellation of these policies, potentially leaving families unprotected in the event of an unforeseen circ*mstance. Another risk is the impact on your investment.
| Rank | Fund Investment Option | Return |
|---|---|---|
| 10 | Australian Retirement Trust - Super Savings - Australian Shares | 14.80% |
| 1 | AustralianSuper - Australian Shares | 11.73% |
| 2 | MLC MKey Business Super - MLC IncomeBuilder | 11.35% |
| 3 | CareSuper - Australian Shares | 10.79% |
You can contribute up to $110,000 each year in non-concessional contributions. If you have more than one super fund, all your contributions are added up and count towards your caps. If you go over these caps, you may need to pay extra tax.
Can I withdraw my super if I leave Australia permanently?
You can have your superannuation paid to you after you leave Australia if you: have departed Australia. are not an Australian or New Zealand citizen, or permanent resident of Australia. entered the country on a temporary visa (except Subclass 405 or Subclass 410)
You may be allowed to withdraw some of your super on compassionate grounds for unpaid expenses. This is where you have no other means of paying for these expenses. The amount of super you can withdraw is limited to what you reasonably need to meet the unpaid expense.
While you can use your early release of super to help pay off debts, it's important to understand the conditions you can use it for under the severe hardship provision. Your payment can only be used to settle reasonable living expenses, and can only be used to settle payments that are in arrears.
As a general rule, most people will need 70% of their take home pay to maintain their lifestyle in retirement. And since we're living longer, which is great, your super may need to last for 30 years or more after you retire.
| Age | Average balance (men) | Average balance (women) |
|---|---|---|
| 35 to 44 years | $107,700 | $76,900 |
| 45 to 54 years | $219,300 | $136,000 |
| 55 to 64 years | $326,200 | $246,300 |
| 65 to 74 years | $435,900 | $381,700 |
Can I Transfer My Super to My Bank Account? You can only transfer your super to your bank account if you are eligible to access your super. To be eligible to access your super, you generally need to have at least met your superannuation preservation age.
Investing in a super fund has less risk because bankruptcy will not affect your retirement savings if they are held in a regulated super fund, and your money will be protected from creditors. In a similar vein, any money taken out of your retirement plan following bankruptcy is typically protected.
- Featured Partner.
- Our Pick of the Best MySuper Superannuation Providers 2024.
- Australian Super.
- Australian Ethical Super.
- HESTA.
- UniSuper.
- Aware Super.
- Hostplus Super.
Hostplus Balanced is the best performer over the 10 years to December 31, 2023 with an average annual compound return of 8.3 per cent. Second spot is shared by AustralianSuper Balanced and Australian Retirement Trust Super Savings Balanced, each with an average annual compound return of 7.9 per cent.
Consolidating your super can save you time and money. Having all of your super in one account means you: save money by only paying one set of fees. have less paperwork.
Why is my super balance 0?
By law, your employer is required to make a payment at least every 3 months. So, if you have only started working at your employer within the last 3 months, they may not have made a payment to your account yet, explaining why your balance is still zero.
If you leave the excess contributions in your super account, they will be counted towards your annual non-concessional contributions cap. When you exceed your concessional contributions cap and have to pay tax, the ATO recognises you have already paid 15% tax on the contributions and gives you a tax offset.
Most super funds list the performance of each option on their website. If you find that your option is underperforming compared to funds with similar balance of growth assets over a long period — like seven or 10 years — it might be a time to start looking around for a better option.
Should I have my super in Cash? The Cash option has a very low risk level when measured over the short term. However, if you intend to stay invested in this option for a longer timeframe, you should consider whether the current low returns will be enough for your situation.
Superannuation funds pool your money with other members' money and invest it for you. Generally, you can't access or use this money until you retire.
