**ASFA CEO MARY DELAHUNTY AVAILABLE FOR INTERVIEW**
ASFA, the voice of super, welcomes Australia’s superannuation funds finishing 2024 on a high, with double digit investment returns across much of the sector for the 12 months to December for both balanced and growth superannuation investment options.
Analysis undertaken by ASFA of daily unit prices of major super funds for balanced superannuation fund options shows a typical return of at least 10.5 per cent for 2024, with some funds recording nearly 12 per cent returns.
Some high-growth investment options, which use higher-risk strategies, are reporting annual returns as high as 15 per cent – an exceptional result.
“These returns for 2024 are a great result for working Australians who stand to enjoy a higher standard of retirement living thanks to our world-class superannuation system,” said ASFA CEO Mary Delahunty.
“While strong international share markets have helped propel returns over the last 12 months, it’s the consistent, sophisticated portfolio construction from superannuation funds’ expert investment teams that deliver terrific long-term results regardless of what is happening on the markets.”
The typical annual return over ten years for balanced options is over 7 per cent, an investment result far in excess of returns after tax from term deposits, and well ahead of inflation.
“This is what our superannuation system is all about – delivering great results, year after year, to help Australians have the retirement they deserve,” said Ms Delahunty.
“There can be a lot of noise around super, but this – the consistent delivery of strong, long-term returns, is what matters to Australians.”
Start the year with a super ‘check-up’
In light of 2024’s bumper year, ASFA is encouraging superannuation account holders to take a moment to do a quick ‘check-up’ on their retirement savings.
“Investing as little as one hour to make sure you’re on track to achieve your desired standard of living in retirement will reap dividends in the years ahead,” said Ms Delahunty.
“This can be as simple as going over your latest statement, thinking about your risk appetite and whether it aligns with your current investment option(s), and considering seeking financial advice from an expert.”
Here are a few simple steps to make a big difference:
• Check your super online: Take note of what you currently have and understand what you might need as a balance to retire.
“The ASFA Retirement Standard is a great tool for this and has just notched up 20 years of capturing the costs of essentials like health, communications, clothing and household goods,” Ms Delahunty said.
• Keep your details up to date: Make sure your contact details are up to date and that you’ve nominated a beneficiary. Don’t forget to check you’re in the right investment option(s) for you and that your insurance cover reflects your needs.
• Check your account regularly: Monitor your account regularly to make sure you’re not missing any super contributions you’re entitled to.
You can also log into your MyGov account to check whether you have accumulated any unwanted multiple superannuation accounts. With a few clicks you can consolidate any unwanted super account into the account you use and want.
• Consider maximising your super contributions: You can have a total of $30,000 in tax-deductible contributions (including any employer contributions) to your super fund this financial year, so if you’re not going to hit that ceiling through your employer’s contributions, consider topping it up yourself and then claiming a tax deduction in your next tax return.
• Seek advice: Accessing quality, affordable advice through your super fund can make a huge difference. Most super funds provide general advice or limited financial advice at no, or only a small cost on topics such as insurance cover, investment options or whether to make additional contributions. Funds also generally have calculators that can assist members with planning for retirement.
Most funds also make available full personal financial advice to members, but this comes at an additional charge.
* This information is general in nature and should not be relied upon as advice. This information does not consider personal circumstances. Investments can fluctuate and past performance is not a reliable indicator of future performance. The Product Disclosure Statement and Target Market Determination of any financial product should be reviewed before any investment decision is made.
For further information or to arrange interviews with Mary Delahunty, please contact:
ASFA Media Manager Richard Garfield, 0451 949 300.
About the Association of Superannuation Funds of Australia (ASFA)
ASFA, the voice of super, has been operating since 1962 and is the peak policy, research and advocacy body for Australia’s superannuation industry. ASFA represents the APRA regulated superannuation industry with over 100 organisations as members from corporate, industry, retail and public sector funds, and service providers. We develop policy positions through collaboration with our diverse membership base and use our deep technical expertise and research capabilities to assist in advancing outcomes for Australians.
We unite the superannuation community, supporting our members with research, advocacy, education and collaboration to help Australians enjoy a dignified retirement. We promote effective practice and advocate for efficiency, sustainability and trust in our world-class retirement income system.
