How important is selecting the right superannuation fund?

Selecting the right superannuation fund as a teen could save you hundreds of thousands in retirement.

Not a teenager anymore? Don't stress, no matter what stage of the wealth accumulation cycle you're in, making the switch to a better superannuation funds will save you thousands.

Now, I'm not talking about the investment performance itself, I'm talking about fees. A 1% difference in annual fees can make a 20% difference in the total balance within a fund over a 30 year period. If you plan to retire on a million bucks, that's $200k.

The most competitive superannuation products include this statistic in their product disclosure statements for good reason. Of course, you always want to pick a reputable fund that performs relatively comparatively to the market, but reducing fees is a sure way to save your future self a lot of dough.

Disclaimer: You should speak to a financial adviser before switching superannuation products. While return and performance are critical indicators for the right product for you, there are additional factors to consider when selecting the right superannuation fund including existing insurances and specific fund features that may prove impossible to replicate elsewhere. This article is designed to encourage you to start thinking about super where previously you may have thought it too early to bother.