A friend asked me to look at www.australianethical.com.au for your superannuation, I wasn’t very impressed. Maybe ethical for companies, but what about retirees?
1 – Fees are too high
MySuper balanced option total fees are (1.134%). The lowest fees are Hostplus – indexed balanced option (0.03%) which works out at about $100,000 less in retirement for a 30 year old on $100,000 a year by age 67. (see moneysmart.gov.au calculator)
2 – Their 10 year performance of 3.7% is well below the average of 5.35% (superratings)
Is $100,000 worth it to outsource your ethics?