Key takeaways:
- Your super is more than just money: It's your ticket to a dream retirement. Australians are increasingly relying on their superannuation for a regular retirement income.
- Choosing a super fund: Look at performance, investment options, insurance, fees and costs, and member service to make sure your super fund is right for you.
- How BUSSQ backs members: As an industry fund built specifically for the building, construction and civil industries, BUSSQ is here to help, every step of the way.
Why your super fund matters more than you think
Here’s why Aussies could enjoy a better quality of life as a result of having the funds in their super account contributing to their retirement income.
- Peace of mind: Knowing you can use your super as a source of income could reduce stress, letting you live life on your terms.
- Freedom to choose: You may also have the flexibility to wind down your hours of work before fully retiring without impacting your take home pay, freeing you to travel, chase passions, and get used to enjoying more of your free time before fully ceasing work.
- Better wellbeing: By taking the time to find the best super fund for your retirement and personal needs, you can focus on what makes you happy.
Retirees are increasingly relying on superannuation as their main source of income. Between 2014-15 and 2024-25, the proportion of retired people with superannuation as their main source of income has increased from 20% to 28%.
5 things to look for when choosing a super fund
So, how do you pick a super fund that's right for you? The truth is there's no single best super fund for everyone. Here's how to find the right fit for your needs.
1. Performance that actually delivers
When you're trying to figure out the best super fund for your needs, be careful not to chase quick wins. The real indicator of a fund’s investment performance are its long term returns. (think 10+ years). See how BUSSQ has performed over the long term.
2. Fees that offer real value
Every super fund has various fees and costs for things such as admin, and investments. The trick isn't always finding the lowest fees but considering what gives the most bang for your buck. It's about seeing the value you get for what you pay, ensuring your fund delivers top performance, relevant services, and the support you need to reach your dream retirement. See BUSSQ’s fees and costs.
3. Investment options to match your goals
You'll usually find investment options like Growth, Balanced, and Defensive, each with different levels of risk and potential return. Choosing the one that matches your risk comfort and timeframe, whether you're a young gun starting out or close to knocking off, is key to tailoring your super to your journey. Check out BUSSQ’s Changing investments – what you need to know page.
4. Insurance for peace of mind
Super funds typically offer Death, Total & Permanent Disability (TPD), and Income Protection insurance, acting as a safety net if things go pear shaped. Given the nature of work in the construction industry, it's really important to check if your default cover fits your needs. This can help you stay financially resilient no matter what curveballs life throws. See BUSSQ Death, Total & Permanent Disability (TPD), and Income Protection insurance options.
5. Find more than just a fund, with BUSSQ
Choosing an industry fund like BUSSQ means your fund is working for you, not shareholders. Plus, we're built specifically for people in the building and construction industry. Because we understand the needs of construction workers, we offer support that works for them, from easy to use online tools to direct access to our customer service team. You'll also get access to financial advice^ and educational resources, helping you make smart choices that could make a difference to your retirement.
What to do if your fund is underperforming?
Suspect your super isn't pulling its weight? Start with APRA's performance test, then dig into your fund’s long term returns, fees and costs, and check if the investment options still suit your goals. It's about being proactive and informed, not panicking. If it's not adding up, then consider exploring your options.
Yes, you can switch your super fund!
The good news is that changing super funds is much simpler than you might think. Before you make the jump, compare performance, investment options, fees and costs, services, and importantly, your existing insurance. Getting this right may directly impact how quickly you reach those retirement dreams, helping you choose the right super fund to really take control. Check out BUSSQs Consolidate or Combine your super page for more information.
5 financial tips for a dream retirement
Ready to nail that dream retirement? All it takes is a bit of planning. Here are 5 straightforward tips to help you get started.
- Define your dream (and budget): Picture your ideal retirement, from travel to hobbies and family time. Use the Hitting the Target retirement planner to work out the income you want when you retire, and the plan you need to achieve it.
- Boost your super contributions: Top up your super with extra contributions, like salary sacrifice or voluntary contributions. Even small, regular boosts can compound over time.
- Don't set and forget: Regularly review your super's investment performance against its objectives to see how your investments are tracking. Check out BUSSQs investment performance.
- Think beyond super: Your super is likely to be a crucial part of your retirement plan but remember the whole financial picture. Consider other savings, investments, assets, and insurance to build a solid plan for life after work.
- Get expert advice: Don't go it alone. Getting personal financial advice from a trusted source like one of BUSSQ’s Financial Planners can help give you clarity, assist with big decisions, and boost your confidence on your path to retirement. Advice from one of the BUSSQ team is provided at no additional cost for members*.
Your retirement future starts with BUSSQ
Actively choosing a super fund that really fits your needs is a powerful step towards hitting your goals, and helping you enjoy a secure, stress free future.
At BUSSQ, we're all about helping our members get their super sorted, not just for today but for that dream retirement. Here’s some extra resources to explore.
- Superannuation calculators: Crunch the numbers and get a clearer picture of your super savings and potential retirement income.
- Access to financial planners: Get personal advice and guidance from our experts to help you make smart decisions on your financial journey.
- Easy to use online tools: Access our educational resources, designed to build your superannuation knowledge.
Ready to begin your search? Contact the BUSSQ team online or call us on 1800 692 877. We’re here to support you every step of the way.
FAQs
What should I look for when choosing a super fund?
Consider long term performance, fees and costs, investment options, insurance, and the level of member support to make sure the fund suits your goals and lifestyle.
How can I tell if my super fund is underperforming?
Check your fund’s long term returns and review APRA’s performance test. If the fund isn’t meeting your goals, you may want to explore other options.
Can I switch my super fund if it’s not right for me?
Yes. Changing super funds is possible. Before switching, consider any insurance or other benefits you may have. For further information about what to consider before switching funds see Consolidating super funds - Moneysmart.gov.au
How does insurance in super help me?
Most super funds include insurance like Death, Total & Permanent Disability (TPD), and Income Protection, which can help protect you financially if unexpected events occur.
Why is an industry fund like BUSSQ different from a retail fund?
Industry funds like BUSSQ are run for members, not shareholders, this means all profits go back to members. Retails funds are usually run by financial institutions and some of the profits go back to the company running the fund including their shareholders. See Insurance through super - Moneysmart.gov.au for more information.
