'Lazy tax' could be costing Aussies six figures of super

Almost 1 3rd of Australians are missing retired connected perchance six figures worthy of superannuation by not making 1 elemental change, caller investigation has found.

A study by comparison website Finder revealed 32 per cent of responders were still pinch nan aforesaid default ace money from their first employer, meaning they could beryllium deed pinch nan alleged "lazy tax", and forgoing amended returns connected their status fund.

Another 4th (26 per cent) of group said they were pinch nan default ace of their existent employer, while 41 per cent said they were pinch nan ace money of their choice.

Finder superannuation literacy master Pascale Helyar-Moray said excessively galore Aussies were ignoring their super.

"One of nan biggest barriers to switching is perceived complexity and effort involved, but it's really very straightforward and switching to a caller ace money could beryllium decidedly worthy your while," she said.

"You tin slope connected nan truth that there's a amended money retired location than nan 1 your first employer group up for you erstwhile you were a teenager."

Finder study shows expanding your mean return connected a $100,000 ace equilibrium from 6 per cent to 7 per cent tin mean an other $186,876 aft 30 years (excluding fees).

"No matter if you're conscionable starting out, mid-career, aliases approaching retirement, it's important to understand your ace and really it's tracking," Helyar-Moray said.

"The magnitude you build up successful ace complete your moving life will yet style nan manner you tin bask successful retirement."

Helyar-Moray said if your money isn't successful nan top-performing ranks, it whitethorn beryllium clip to return your nest ovum elsewhere.

"Before switching providers, comparison nan one, five, and 10-year return complaint arsenic good arsenic fees," she said.

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